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Earlier this month, L.L.Bean announced the next phase of a major upgrade to its Freeport flagship location, which already ranks as the second-most-visited tourist destination in Maine.
The major developments that are about to get underway include a new first-floor entrance to the store and a grand staircase, a new multitiered trout pond, a larger stream tank that has twice as much swimming space for fish and two viewing bubbles, and a new in-store eatery.
"When my great-grandfather, L.L., opened his first retail space above the Freeport post office in 1917, he never imagined what it would become. But he knew what he wanted it to be. A place that strived to bring customers in, for the purpose of helping them get right back outside," Shawn Gorman, executive chairman of L.L.Bean, said in a statement. “We’re still committed to that purpose and dreaming bigger than ever before.”
The 220,000-square-foot L.L.Bean retail store campus in Freeport, Maine, welcomes more than 3 million visitors every year.
Among other retailers making recent investments in their flagships, Macy’s in 2021 announced it was committing $235 million to upgrade its Herald Square location. Plans supported a car-free pedestrian space and upgraded subway access outside the location as well as the addition of a tower, roughly 1.5 million square feet, supporting office space above the store.
Opened in 1902, Macy’s Herald Square covers 1.25 million square feet of selling space across 12 floors and attracts more than 20 million shoppers who visit Macy's Herald Square every year.
In April 2023, Tiffany re-opened its flagship at 57th Street and Fifth Avenue in Manhattan, now called “The Landmark,” following a nearly four-year renovation. Interior updates include white marble interiors, a sculptural spiral staircase, video walls sharing iconic New York scenery, and the 22-foot diamond-shaped skylight illuminating the main floor. Immortalized in the 1961 film “Breakfast at Tiffany's” starring Audrey Hepburn, the 10-story location opened its doors in 1940.
Anthony Ledru, Tiffany’s president and CEO, said at the time, “The Landmark is much more than a jewelry store — it is a cultural hub with an exquisite showcase of architecture and superior hospitality, as well as cutting-edge art and design. It sets a new bar for luxury retail on a global scale.”
Saks completed a $250 million three-year restoration of its Fifth Avenue flagship in 2019 following its acquisition by HBC in 2013. Over 2018 and 2019, Bloomingdale’s remodeled nearly 200,000 square feet inside its 59th Street flagship, wholly revamping its denim, cosmetics, shoes, and women's contemporary clothing departments.
Foot Locker, Lululemon, Nordstrom, and American Eagle Outfitters are among other retailers that have flagships in New York City.
In many ways, flagships operated by stores serve the same purpose as those operated by luxury and designer brands operating on Fifth Avenue and Madison Avenue in New York City, as well as pricy spots such as Beverly Hills’ Rodeo Drive or Chicago’s Magnificent Mile. NAIOP (National Association for Industrial and Office Parks) wrote in an article on flagships, “They serve as a showcase for new technology, original artwork, remarkable architecture and dramatic interior design. They often carry exclusive merchandise and offer specialty services. Above all, these stores are an occasion to create a physical embodiment of a brand’s story through design and spectacle.”
However, flagships operated by some brands often lose or make minimal money, as the purpose is to elevate the cachet of a brand. Under Armour’s founder Kevin Plank told Bloomberg in 2014, “I don't believe in flagship retail, because the definition of flagship retail is that it's a marketing expense, and it's going to lose money.”