Fifth Avenue Association president on the iconic street’s billion-dollar transformation

When you first walk into Coach’s Fifth Avenue flagship, a towering life-sized dinosaur made entirely from 400 vintage handbags and accessories greets you.

Nicknamed “Rexy,” the sculpture instantly draws curious tourists and shoppers into the 20,000-square-foot store alongside a giant rendition of classic New York City-inspired charms such as a big red apple and the taxi cab at the entrance.

Created by British artist Billie Achilleos in London, the dinosaur was originally meant to appear only for the flagship’s grand opening nearly a decade ago. But its popularity ensured it stayed.

“She draws a lot of attention from Fifth Avenue tourists,” Ed Pincar Jr., president of the Fifth Avenue Association, told Retail Brew during a recent walk down the iconic street. “They are fascinated by how cool Rexy looks, and some want to buy bags that were used to create her but we don’t sell them anymore.”

But while the dinosaur, unfortunately, is not up for grabs, it has done its work as a whimsical centerpiece to bring in shoppers.

The store is just one among many other luxury flagships that occupy New York’s most famous shopping corridors that are increasingly transforming their retail outlets into immersive experiences, rather than merely places to browse merchandise.

Put me in Coach: Inside the Coach flagship, for example, that philosophy extends to a workshop space that allows customers to customize bags with embroidery or by adding small New York-inspired charms. On the top floor is a design studio where shoppers can build their own bags from scratch, including selecting the type of leather and unique hardware. Depending on the materials chosen, the process can take anywhere from 8–16 weeks.

“It drives excitement, and an experience that the stores—not just Coach—but others up and down Fifth Avenue can’t or don’t replicate elsewhere,” Pincar said. “A big part of that is definitely about the space, because when you look at the design here, every detail has been massively put together to create comfort, and to create this opportunity for customers to experience something different than just going in and purchasing a product. It really is a destination unto itself.”

The Fifth Avenue Association currently oversees the Business Improvement District that stretches roughly from 46th Street to 61st Street with multiple stores, hotels, and cultural landmarks.

“That’s more than 16,000,400 square feet of commercial space, not including residential or institutional space within our district,” Pincar said. “We have the most iconic brands in the world, some amazing hotels, and we just see people continue to flock to Fifth Avenue to experience New York in a very special way.”

Foot traffic forward: Although there were concerns during and after the peak of the pandemic about the future of urban retail, foot traffic has returned in full force.

“My favorite stat is that on one block in one hour on a weekend in December, we’ll see 23,000 people,” Pincar said. “That’s more than Madison Square Garden.”

And that steady stream of visitors helps explain why major brands are pouring billions into the avenue. Between 2022 and 2023, more than $4 billion in private investment was announced across the district, Pincar said.

The redevelopment of the Tiffany & Co. Landmark store, which also features the Blue Box Cafe and acts as the jeweler’s extensively renovated flagship, is one of the most prominent examples, alongside new developments that will bring additional retail, office space, and flagship stores to the corridor.

“Rolex is also a big part of it. There’ll be four stores of retail, and then many floors of office towers,” Pincar explained, also noting that Ikea has agreed to come in to build a sizable flagship.

Up to experience: Ultimately, it’s all about creating a holistic experience. For retailers like Louis Vuitton and Tiffany and Co. that has meant adding full-fledged restaurants and cafes to their stores, much like Bucherer, which features two bars as part of its Fifth Avenue flagship.

According to new data from Lightspeed Commerce, 75% of 18- to 24-year-olds view “third spaces,” such as cafes or lounges, as important criteria for deciding where to shop. Meanwhile, 67% of those surveyed said that having social or community features helps them feel less alone.

Regardless, every brand has its own approach to making a space feel more immersive. For Nike, whose sprawling Fifth Avenue flagship spans roughly 68,000 square feet across six stories, it has meant frequently rotating installations, product launches, and exclusive merchandise.

Pincar explained that during a recent collaboration between Nike and Skims, lines wrapped outside both stores—located across the street from each other—as shoppers waited for access to limited-edition products.

“You can just see that this physical space really allows so many more offerings than what you’re going to see at other stores in New York or around the world,” he said.

Both worlds: Nike, which currently has FIFA World Cup 2026-inspired merchandise across its store, also houses a sneaker lab featuring one of the most extensive collections of Nike footwear in the world, as well as a customization studio where shoppers can design personalized gear.

And Nike is not the only store on the block prepping for the upcoming World Cup.

Viewing parties are planned for nearby landmarks including Rockefeller Center and Central Park, potentially sending thousands of additional spectators Nike’s way.

City officials and the Fifth Avenue Association are also currently working on a $350 million redesign project known as “Future Fifth” aimed at turning the street into a more pedestrian-friendly boulevard. The plan includes nearly doubling sidewalk widths, installing new benches and greenery, and adding roughly 20,000 square feet of plantings.

“The future of Fifth Avenue is one for a cohesive, beautiful boulevard experience from Central Park down to Bryant Park,” Pincar said. “[It’s] a mile of New York City streets that will really match the street experience with what's happening inside our buildings.”