Pandora Will Relocate North American HQ to NYC from Baltimore
The company confirmed the move Tuesday and will occupy more than 27,000 square feet in a Times Square office building.
Slated to open in early 2023, the brand’s new North American headquarters will span more than 27,000 square feet on the 35th floor at 1540 Broadway in Times Square, bringing Pandora headquarters to the largest city in its largest market.
Pandora’s U.S. sales topped $1 billion in 2021, a 55 percent year-over-year increase.
“As Pandora enters our third decade of operation in the U.S. market, a New York headquarters will bolster our long-term growth ambition, with the ability to recruit world-class talent and operate in one of the world’s largest commercial markets,” said Luciano Rodembusch, the former Tiffany executive whom Pandora hired to head its North America division last year.
Pandora said the move will cost $6 million, but it is slated to receive as much as $1.5 million in performance-based Excelsior Jobs Program tax credits from Empire State Development.
Empire State Development is the arm of state government tasked with attracting businesses and creating jobs in New York.
Pandora’s relocation will create 133 full-time positions in sales, merchandising, marketing, finance, human resources, digital and e-commerce, real estate, legal, and operations.
Rodembusch also said the company will continue to invest in the New York retail industry, with plans to open three new New York City stores, all company owned and operated locations, in the coming months. The additions will bring its NYC store count to 12.
Pandora currently has 26 owned and operated stores and six franchise stores across New York state and employs about 500 retail workers.
Reports first surfaced about Pandora potentially decamping from downtown Baltimore in July 2021 when the Baltimore Business Journal reported the company was looking for a subleaser for the five floors of Inner Harbor office space it’s occupied since 2015.
The company has had some operations in New York City since July when it opened a temporary office at 1540 Broadway. At that time, the company said it planned to make the move permanent by summer 2023.
Pandora said Tuesday that its Baltimore corporate office and logistics center in nearby Columbia, Maryland, will remain “open and integral” to business operations.
The company still has a lease at its Baltimore office, located at 250 W. Pratt St., and will remain there through the lease, until “at least” 2026, a Pandora spokesperson said, while there are no plans to close the logistics center.
The office will still house all departments—sales, marketing, legal, e-commerce, etc.—and the spokesperson said Pandora does not know at this time how many employees will relocate to New York from Baltimore.
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