In spite of the state of the economy, fashion mogul Giorgio Armani has opened a new store in New York City. At the store’s opening, Armani proclaimed his confidence that the flagship retail outlet would have no troubles selling his expensive clothing, despite the failing world economy.

The store is located at the corner of 56th Street and Fifth Avenue. It is glass box store featuring an enormous staircase as well as a charming Italian restaurant on the top floor. Dresses on display in the store brandished price tage of $10,000.

Hundreds of New York’s fashion elite were on hand for the opening night party, scheduled to coincide with Fashion Week activities. Many attendees complimented the store’s design as well as the concept of bringing all the designer’s brands into one outlet.

With its location on Fifth Avenue, the store is perfectly positioned to appeal to the superrich shoppers who frequent the legendary shopping district. Whether they inhabit the many luxury apartments in Manhattan or are staying in glamorous five star hotels in New York, women with that kind of money all know and respect the Armani label.