No, really. That is what Tiffany executives must think, looking at the sea of tourists at its fabled flagship store on 5th Avenue in Manhattan.

Eclipsing a 4-percent drop in same-store sales in its other stores, the New York store posted a 16-percent rise.

Thanks to those tourists, U.S. same-store sales in the quarter for Tiffany didn’t slip into the red.

The jeweler, best known for its classic designs and the robin-blue box, is now thinking that its U.S. sales will start to look up later than expected, and is, instead, looking to markets like Europe and the Asia-Pacific region, other than Japan, for good fortunes.

A company spokesman said sales grew at most price points — right from $500 to $50,000 and above with no meaningful differences. Only items selling below $500 experiences some softness, Mark Aaron said.

The company says brand new items are in the making — those will range from diamond jewelry in its Metro collection and additions to its Swing and Victoria collections. There will also be new charms, including ones in platinum and diamonds in various design motifs. 

Just as well. David Schick of Stifel Nicolaus thinks shaky economic times might actually sway people’s thinking in Tiffany’s favor.

“I think Tiffany’s brand and the classic design is also perhaps coming into vogue.  Perhaps the uncertainty out there in the world is helping people look towards Tiffany as ‘there is a classic value in buying Tiffany jewelry’,” he said.

(Photo: Reuters)
 

A restaurant in Manhattan’s Wall Street area is reacting to the financial sector’s agony by slashing prices to lure bankers and traders who have been reining in their spending after steep losses.

Marcus Olson, chef and manager of the “Bull Run” which serves contemporary American cuisine in New York’s financial district, says in the last week and a half the restaurant has cut the price of a steak by $2 to $7.

“This restaurant goes up and down like the stock market,” said Olson. “And especially with this Bear Stearns news last week, we’re really feeling it.”

Since the financial market’s woes began last year, sales are down about 30 percent, he said.

Apart from cutting prices Olson said he has introduced a happy hour, since financiers in the current environment need all the happiness they can get.