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Century 21 returning to New York City

By Kristopher Fraser

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Retail

Image: Century 21 Facebook Page

New York is about to welcome an old friend home. New York’s famed discount designer department store, Century 21, will reopen its doors in Downtown Manhattan.

Century 21 was famous for carrying luxury labels, ranging from Dolce & Gabbana to Moschino, at deeply discounted prices. The department store originally opened its doors in 1961 in Bay Ridge, Brooklyn. Before it closed its door in 2020 due to bankruptcy, it was easily considered a New York icon. The flagship store at 22 Cortlandt Street was a true staple of Manhattan, having been through the 9/11 terrorist attacks, with its interior significantly damaged from the collapse of the World Trade Center. After the store was rebuilt, it became a story of New York's survival and continued as a cornerstone of New York’s retail scene.

In September 2020, Century 21 filed for bankruptcy, unable to keep itself financially solvent after the COVID-19 lockdowns. The chain then liquidated its stores and closed all 13 operating stores in the Northeast.

Last month, the department store chain announced the store would be reopening under a new semi-new name Century 21 NYC. The new store is set to open at 25 Church Street in a downsized version of its old space in spring 2023.

Century 21 was in a unique place to reopen, as the Gindhi family, which owns the department store chain, owns the location at 22 Cortlandt Street. This spares them from concerns over rising commercial real estate rental costs.

Before shuttering its doors in 2020, Century 21 was doing well. In 2019, they reported 747 million dollars in revenue. However, due to declining foot traffic once retail stores reopened and weak e-commerce operations, Century 21 became a casualty of the COVID-19 pandemic.

Century 21 plans to continue its business model of premium brands at premium discounts. The company has teamed with global premium experiences company Legends to revitalize the shopping experience. More consumers are looking for experiential retail, and have been since the rise of e-commerce to have a reason to go into stores. Legends will work on helping Century 21 introduce a more streamlined shopping experience through in-store upgrades and elevated e-commerce.

The re-opened store will span the four main floors of the original downtown space, offering men’s, women’s, and children’s designer apparel, footwear, outerwear, handbags, accessories, and fragrances.

“Century 21 is, and always will be, a New York City brand,” said Raymond Gindhi, Century 21 co-chief executive officer, in a statement. “Our flagship store has been a long-time symbol of this city’s resilience and unwavering spirit. In our 60-year history we have only closed our doors twice, once after the devastation of 9/11 and then again during the COVID-19 pandemic. But, like the true New Yorkers we are, we have persevered. We could not be more excited to bring Century 21 back home delivering the same products and values to customers, in partnership with Legends.”

With off-price chains continuing to perform well, Century 21 could have a successful comeback. However, they will enter a retail market battling inflation and a pending recession. With New York’s uptick in tourism and nostalgia for the store, there is hope for Century 21 yet.

Century 21
New York City