The only visible change so far will be the addition of class rings to the JFK St. inventory and the development of a Harvard Shop website expected to be functional by July 1.

Corcoran will stay on for at least another year as a consultant.

As students and members of the HSA board of directors nibbled on cookies and milled around the store on Friday, Corcoran reminisced a bit about the beginnings of the Harvard Shop 18 years ago.

He opened the store—“the only store in the country devoted exclusively to selling Harvard merchandise”—with two friends.

The first day they opened, Corcoran said, the store had only $67. But the gimmick they had devised proved successful and the business attracted national media attention and grew quickly, he said.

“We found a niche people were looking for,” he said.

Corcoran seemed pleased to hand over the ownership of the establishment as about 25 students and members of the HSA board of directors piled outside to watch the ceremonial ribbon-cutting.

While Jones cut the ribbon, Corcoran said he expected business to be able to double with the students in charge.