New York--Luxury retailer Barneys New York will open a store on Seventh Avenue in Manhattan’s Chelsea neighborhood three years from now, marking the company’s return to the neighborhood where it got its start.

The Barneys New York store in Chelsea, circa 1989; photo courtesy of PRNewsFoto/Barneys New York“We believe the robust and growing downtown market is under-penetrated in terms of a larger specialty retailer, and we look forward to serving these customers again with what we anticipate will be one of our most important stores,” said Barneys New York CEO Mark Lee.

Barney Pressman first opened his eponymous department store in 1923 as a discount retailer. The store’s original location was along Seventh Avenue in Chelsea.

By the 1970s, the store had evolved into a luxury menswear destination and, by the mid-70s, was selling women’s clothing, closely followed by cosmetics, housewares and gifts.

The company expanded to its current flagship location on Madison Avenue in 1993 and closed the Seventh Avenue location in 1997.

When the new flagship opens in 2017, the Madison Avenue store will operate as the retailer’s largest location.

There are additional Barneys New York stores in New York City’s Upper West Side and SoHo neighborhoods, as well as in Brooklyn.

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