Danish jeweler Pandora plans to move its U.S. headquarters from Baltimore to New York City's Times Square.The brand, known for its customizable charm bracelets, necklaces and rings, will open the new base early next year at 1540 Broadway, taking more than 27,000 square feet on the building's 35th floor, the company announced.But the retailer said it also plans to retain a reduced corporate presence in Baltimore's Inner Harbor. It will operate a North American corporate office through at least 2026 out of the high-profile tower bearing its name at 250 W.
Pratt St., where it had moved its headquarters and 250 employees from Columbia in 2015.A Pandora spokeswoman said Tuesday that the company will reduce space in its 114-person Baltimore office to just over 18,000 square feet from its current 88,000 square feet.The company said in July 2021 that it was considering moving from the Pratt Street office.A Pandora logistics center in Columbia also will remain open.Baltimore Mayor Brandon Scott said in a statement Tuesday that his administration is actively working to bring more business to the city, especially downtown, and is committed to ensuring the city remains competitive in attracting 'national and international' talent. The city, he said, is ideal for business headquarters.'That's evident by the fact that many businesses representing industries from biotech, finance and wearable fitness products call us home, providing an economic boost and creating job opportunities for people here,' the statement said.Pandora said in announcing the move that the Times Square move will help it attract talent globally and reach a long-term goal of increasing market share and doubling U.S. revenue compared with 2019, before the coronavirus pandemic.
Pandora's U.S. business reached more than $1 billion in sales last year.The company said it is focused on building its brand, enhancing product offerings and expanding its network through multiple distribution channels.'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, president of Pandora North America, in the announcement.Pandora is getting assistance from New York's economic development agency.
Empire State Development is offering up to $1.5 million in performance-based job program tax credits toward the $6 million office project cost. The company said it expects to create 133 new full-time jobs in areas such as sales, merchandising, marketing, finance, human resources, digital and e-commerce, real estate, legal and operations.Employees at Pandora in Baltimore have the option to move, but there will be no mandatory relocations, said Lindsay Kordik, the Pandora spokeswoman.'At this time, we do not know how many employees will move from Baltimore to New York,' Kordik said. 'Pandora is continuing to recruit talent in Baltimore and New York.'Pandora also expects to open new stores in New York City in coming months, adding three to nine locations across Manhattan, Brooklyn, Queens and the Bronx.
The company had opened an office in New York in July in a temporary location.