“Everyone has a Century 21 story,” in response to Eddie Gindi, co-owner of the long-lasting off-price division retailer. Nestled within the coronary heart of FiDi, Century 21 is a 65-year-old New York Metropolis establishment, lengthy beloved by discount customers and stars alike. (“Intercourse and the Metropolis” followers might bear in mind Carrie Bradshaw visiting the shop after jury obligation.)
Years earlier than the World Commerce Middle was constructed, Century 21 opened its doorways in 1961 on 22 Cortlandt St.; its neighbors have been speedy restore retailers, not the buzzy eating places that line the neighborhood as we speak. It is managed to outlive main setbacks, from 9/11 to Covid-19. Now, amid growing competitors within the luxuryresale and off-price market, is Century 21 nonetheless the premier designer low cost vacation spot it as soon as was?
In its early days, Century 21 — co-founded by Eddie’s father and uncle, Sonny and Al Gindi — was an OG entrant into the low cost designer area, providing guests a possibility to snag high labels at a fraction of Fifth Avenue’s prices. This similar budget-conscious imaginative and prescient persists into Century 21’s present period, however the retailer is not resting on its iconic identify to herald customers. Its model assortment (curated by a workforce of buyers) is continually updating to replicate trendy customers’ evolving preferences.
Photograph: Courtesy of Century 21
“We do quite a lot of aggressive procuring,” Gindi says. “We have now to know what our competitors is doing. We have now to know the way a lot they’re promoting it for. We have now to know what the brand new manufacturers are that we do not have.”
Consider any trend model — chances are high yow will discover it stocked at Century 21, and as much as 65% off. European luxurious homes (Gucci, Dior, Givenchy), high-end American classics (Calvin Klein, Tommy Hilfiger, Tom Ford), modern manufacturers (Ganni, Off-White, Reformation) and rising designers (Diotima, TWP, 6397) rub elbows throughout Century 21’s multi-floor assortment. Sourcing wasn’t simple whereas Century 21 was nonetheless establishing itself within the off-price area, Gindi remembers, however now he says, “our repute precedes us.”
“The extra that we broke huge names, everybody else wished to come back down right here,” he explains “You understand FOMO? Everyone had FOMO. They wished to be in Century 21.”
Photograph: Courtesy of Century 21
In its heyday, Century 21 scaled to 13 areas and established an e-commerce presence. Nevertheless, the Covid-19 pandemic delivered a foundation-rocking blow to the enterprise, because it did to many brick-and-mortar retailers. Century 21 shuttered all shops together with its downtown Manhattan flagship, and its e-commerce enterprise in 2020. Three years later, it reopened its well-known 22 Cortlandt St. location with a renewed drive to recapture the IRL low cost client.
“We’re in yr three now of reopening, and we came upon that there is a complete new buyer on the market,” Gindi says. “We needed to study what that buyer needs. We needed to know what manufacturers they like. We needed to know what costs they wished to pay. It’s very completely different, and so we needed to make some changes.”
Along with athleisure, Gindi says youthful customers have an urge for food for the “sizzling new manufacturers that they see on the runways.” A few of Century 21’s new designer additions embody Body, John Varvatos and Derek Lam 10 Crosby, amongst others. And despite the fact that e-commerce might really feel extra like Gen Z‘s enjoying area, Century 21 hasn’t relaunched it — preferring as an alternative to give attention to brick-and-mortar, which was at all times its bread-and-butter.
“Folks nonetheless need to store in brick-and-mortar shops,” Gindi argues. “On-line is phenomenal, however we’re making our enterprise proper now [by] coming to the shop [and] experiencing what we now have right here to supply.”
Above, watch our interview with Gindi on Century 21’s historical past, its method to off-price designer retail and its post-pandemic turnaround.
