On the corner of 57th and 5th in New York, in the Trump Tower space that used to house the failed Asprey flagship, the scaffolding and covering have been removed from the new 46,000 square foot Gucci flagship.  The shelves have been stocked and the windows are already proclaiming Gucci’s love for New York, in hopes that New York will love Gucci back – to the tune of an estimated $100m a year.

As we walked by the location of the brand new flagship store yesterday afternoon, an army of workmen was putting the finishing touches on what will be one of the largest luxury stores on 5th Avenue and is expected to rake in as much cash as the phenomenally successful Abercrombie and Fitch flagship across the street.

Today, WWD wondered whether 5th Avenue might become the new Ginza, referring to the Tokyo quartier which has seen a veritable frenzy of building by luxury brands eager to make their mark on the neighbourhood and in the psyche of the all-important Japanese shopper. Likewise, this huge New York store is as much about sustaining and building Gucci’s brand image as it is about dollars and cents.

With a huge party planned tonight and the grand opening to the public tomorrow, the store certainly not go unnoticed, even within all of the hullabaloo that is New York Fashion Week. Madonna will be the star attraction at tonight’s event.

We’ll have more from the new Gucci flagship tomorrow after we take a sneak peek.

© 2008 Copyright Imran Amed – The Business of Fashion