Donald Trump Ruins Christmas for Tiffany
Posted on January 17, 2017
The luxury jeweler Tiffany has a flagship store on New York City's 5th Avenue. This location is right next to Trump Tower where President-elect Donald J. Trump resides. His election win turned the area into a media and security circus. This has caused major headaches for retailers near Trump Tower.
The headache became a Christmas nightmare for Tiffany. CNN/Money reports that Tiffany's sales at its flagship New York store fell by 14% in November and December from a year ago. The store's struggles with foot traffic thanks to Donald Trump has exacerbated problems for the luxury retailer. Tiffany CEO Frederic Cumenal says the company is also facing "macroeconomic challenges." The Wall Street Journal reports that Tiffany is blaming the extra security created by Trump for its holiday weakness.
A New York Times story from late December said retailers near Trump Tower accused Trump's security of "stealing their Christmas." The block is packed with city buses and garbage trucks to protect the building. There are also fences to keep back protesters. The extra security has made it difficult for tourists to get to the retailers. Some of the other retailers hit by the security surge include Gucci, cafes and hair salons.
Retailers in and around Trump Tower are hoping the situation improves with Donald Trump taking the White House on Friday. It will reduce the security presence when Trump is in Washington D.C. However, there have been stories that Trump wants to return to New York City on weekends. His large security presence would follow him back to New York and cause foot traffic problems for local retailers once again.