Return to Transcripts main page
American Morning
Retail Landmark Century 21 Reopens in Manhattan
Aired February 28, 2002 - 09:33 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
PAULA ZAHN, CNN ANCHOR: For an area that has seen some tremendous physical and financial devastation, it is a very hopeful sign. Century 21, a retail landmark for tourists, residents, and business people, is back, and Hillary Lane reports now from lower Manhattan this morning to explain why this draw for bargain hunters is so popular.
(BEGIN VIDEOTAPE)
HILLARY LANE, CNN CORRESPONDENT (voice-over): For decades, Century 21 thrived in the shadow of the World Trade Center. An island of style and color, brightening a financial district as gray as a banker's suit. With shoes, shoes, and more shoes. Ties, cosmetics, housewares, and the famous European designers. Clothes by Gucci, Pucci, and Armani to name just a few. Some call the store the great equalizer, because everyone is shopping for the same thing: A bargain. Prices 40-70 percent off.
MAX VARGAS, SHOE SALESMAN, CENTURY 21: We know everybody here. We know lawyers, bankers, brokers, street vendors (ph). We know everybody here.
LANE: The flagship in the small family-run chain was badly damaged on September 11th. It's been closed ever since, leaving its lunchtime regulars in the lurch.
E-mails have come from tourists, too, those who made the store a destination. One from Turkey wrote, "after 9/11, I'm trying to keep alive my things about NYC, and one of the things about my NYC is you store at 22 Cortland St."
Area workers have high hopes for what the store's reopening will bring back to the neighborhood. You can see it in their eyes.
JANICE MITCHELL, CENTURY 21 SHOPPER: It's going to bring some feeling of hope and normalcy. Like, finally we have something back again that we had lost.
LANE: The financial district still needs a boost, both emotionally and economically. It has lost tens of thousands of workers, some of whom will never come back. The hope is that the signature red shopping bags will soon again be as visible at the "Wall Street Journal" downtown. And stories like these will be the stuff of water cooler lore. ANTHUR GERGORY, RESTAURANT OWNER: I bought a Ralph Lauren overcoat, camel hair, for -- I think it was 150, $200, and I was up on 72nd Street at the Ralph Lauren store and it was $800 there for the same thing.
(END VIDEOTAPE)
LANE: Now, everybody has a story like that about Century 21, and so maybe while this attire is a bit inappropriate for morning wear, I am going to show you my favorite purchase. Little back dress, bought about 10 years ago, Carl Lagerfeld, $100. I consider that a good deal. Now, you might have seen the commotion behind me. Mayor Mike Bloomberg is here this morning. He just cut the ribbon in a ceremony, and he is going to make the first purchase. But there are hundreds of people here, business leaders, government leaders, ordinary citizens, and they're all waiting to shop. They're all very excited about this store's reopening. They really think it is going to have a profound effect, both economic and symbolic on this area -- Paula.
ZAHN: Boy, we are all hoping so. You know, someone watching this from outside New York might think that this is associated with the real estate company, Century 21, it is not. But the fact is, people really do come from all over the world to shop there, don't they?
LANE: They do. I mean, tour buses pull in full of Europeans and Japanese, and as I walked in here this morning, one of the things I noticed was a tremendous amount of Japanese media here to cover this event. So, I think that says it all.
ZAHN: How much has this hurt Century 21, having had to close its doors for many, many months?
LANE: I'm sorry, Paula, what did you say? How much...
ZAHN: One would think this -- you know, you talk about this being the flagship store for the family. This has had to have hurt the company deeply.
LANE: Well, it has. They estimate that losses here at this store totalled about $50 million. About 10 million to property, and a lot of inventory as well. And for the whole area, when you walk around here many of the stores are still closed, so the opening of this 150,000 square foot store is really momentous because it should bring people back down here, maybe it will help some of the smaller retailers too.
ZAHN: So, I love that $100 dress. Do you want to go shopping for the rest of us here? You are a good bargain seeker.
LANE: Absolutely, I would love to. They have a lot of Armani, too. They don't tell you who the designers are. That's their little kept secrets, but I have seen Gucci, I've seen Armani, I've bought Armani here, and there are cosmetics and panty hose and hand bags too.
ZAHN: All right. You're going to have to let us... LANE: Maybe it sounds like an advertisement, but -- good place.
ZAHN: All right, you got to let us know, too, what the mayor's first purchase is. I suppose at some time that will become public. We really do hope this will spur some economic growth downtown. Something that is badly needed in New York City right now.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
