Classic fur shop finds success anew -- on ninth floor

By Farnoosh Torabi
Special to amNew York

February 18, 2008

After 63 years at their West 57th Street location, the Kaye family of Ritz Thrift Shop fame finally gave in to aggressive real estate powers in 2005 and sold their property on the bustling block to make way for another condo project.

But that wasn't the end of the business made famous by a classic commercial. Another door swung open that fall, nine floors up in a commercial building in the garment district, which is today the new home of what is now called Ritz Furs.

"[Before the move] we felt we were one of New York's best-kept secrets, but now we are definitely one of New York's best-kept secrets," says Keith Tauber, who was the shop's general manager for more than 40 years and is now its co-owner. "We thought we were going to be in the dark the first year. We came here intimidated."

Tauber and co-owner Jeffrey Geters only planned to be at the hidden 345 Seventh Ave. location for a year at the most, desiring to eventually return to another street-front spot.

"Location, location, location used to be everything in retail," Tauber said. Fingers crossed, the partners, who bought the shop's mailing list and stock, sent out 15,000 letters to customers announcing the new address. "It didn't take long," says Tauber, surprised. "People flocked."

Despite its tucked-away locale on West 29th Street, the shop still does a brisk business, the owners say. Sales are growing 5 to 10 percent annually, as Ritz's usual crowd of everyday New Yorkers, socialites and glitterati -- despite that nine-floor elevator climb -- continue to ring up the fur shop's extensive collection of deep-discounted pre-owned and vintage furs, as well as a selection of new fur styles. The outlet sells thousands of coats on consignment, where owners receive 50 percent of the sale price. Ritz also provides a storage service.

The owners attribute their customer loyalty to Ritz's established value-driven brand and a popular long-running commercial, which ended with an announcer saying "You don't need a million to look like a million," with a fur-clad young woman leaving the shop graciously responding, "Oh, thank you." The ad ran extensively in the 1970s and 1980s.

"A great percentage of our customers still talk to us about that commercial," says Geters. He adds, "We spoil our customers. We supply a need for New Yorkers they're not able to get anyplace else."

And it's not just New Yorkers. Customers turn to Ritz Furs from all over the country and world. The store just received three sable pre-owned coats from Californians that have all sold. "It's amazing to me how many people mail things in because of the Ritz name," Geters said.

Ritz Furs
345 Seventh Ave. at West 29th Street
212-265-4559

Furry Facts:

Sales of fur reached $1.82 billion in 2005, up from $1.0 billion in 1991

New York is the top city in the U.S. for fur sales

55 percent of fur purchasers are under the age of 44

20 percent of women own a fur coat

There are about 1500 fur retailers in the U.S. and 85 percent are owned by families
Source: Fur Information Council of America (fur.org)

Farnoosh Torabi's book, "You're So Money: Live Rich Even If You're Not" is slated for release this April. Contact her at amSmallBusiness@gmail.com.

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