NEW YORK — Island-hopping could be the next expansion mode for luxury brands.
Louis Vuitton, Tiffany, BCBG Max Azria and Roberto Coin have signed leases at Yacht Haven Grande, a luxury retail, dining and entertainment marina complex in St. Thomas in the U.S. Virgin Islands, launching next fall.
Other retailers opening in Yacht Haven Grande are Jewels, a local business selling David Yurman, Bulgari, Chopard, Breitling and other collections; Diamonds International, which will carry Corum, John Hardy, Baccarat and La Nouvelle Bague; Little Switzerland; Tommy Bahama, and Body Deli, which sells cosmetics behind the counter like a deli.
If Yacht Haven Grande is a success, the retailers could open units in other exotic locations, considering the developer, Island Capital Group LLC, is expected to build additional Yacht Haven Grandes. “There are other projects imminent, but not announced yet,” said Sheri Wilson-Gray, executive vice president and director of sales, leasing and marketing for Yacht Haven Grande.
Previously, officials disclosed that Island Capital controls about 10 properties in the Caribbean, the Mediterranean, the Middle East and elsewhere.
“The location exemplifies the image and lifestyle of LVMH,” said John Slavinsky, senior vice president, real estate at LVMH Moët Hennessy Louis Vuitton. “Yacht Haven Grande is reflective of the luxury travel and shopping experience that we look for when selecting new locations.”
Robin Kramer, who designs retail environments and develops brand concepts, is also working on Yacht Haven Grande in St. Thomas. She said it requires a mix of retail since it’s a deepwater dock with luxury yachts and cruise ships bringing in a range of clientele.
While the concept is for a luxury retail experience, “What is considered luxury is not just expensive things. It’s about special and unique things,” Kramer said. “Yacht Haven Grande needs to be resort and feel Caribbean. We don’t want it to feel like Madison Avenue. In retail, generally, everybody is so global. So the big challenge becomes how to create unique environments.”
When the project was announced by Andrew Farkas, chairman and chief executive officer of Island Capital, it was called Yacht Haven, but the company decided to extend the name. “It’s a brand and we want to control it and that’s a trademark we can control,” Wilson-Gray said.
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Phase one of Yacht Haven Grande, located on St. Thomas Harbor, is expected to cost about $160 million. It will include approximately 80,000 square feet of high-end retail, 31,000 square feet of offices, four waterfront restaurants, a private yacht club and 12 condominiums. Ultimately, the project will include a conference center, additional retail, a 70-room boutique hotel and various upgrades to recreational facilities and the marina.