Ralph Lauren to close 39K sf Fifth Avenue Polo store

CBRE’s Richard Hodos won REBNY retail deal for 2013 lease

New York /
Apr.April 04, 2017 02:00 PM

UPDATED: Wednesday, April 4 at 10:20 a.m.: Ralph Lauren is planning to Close Its Polo Store On Fifth Avenue, the company’s largest retail location, as it tries to right the ship amid declining revenues.

The struggling fashion giant will close its 39,000-square-foot Polo store at 711 Fifth Avenue and will move that location’s wares to Stores On Madison Avenue and downtown, the Wall Street Journal reported. The company said it will continue to operate its popular Polo Bar restaurant and seven other store locations.

Ralph Lauren signed a lease for the Fifth Avenue space in 2013. It had previously been a Walt Disney experience store, and building owner Coca Cola was considering opening a flagship retail store there. CBRE powerbroker Richard Hodos convinced the beverage maker to lease the space to Ralph Lauren – a deal that earned him a Real Estate Board of New York Retail Deal of the Year Award.

Jane Nielsen, Ralph Lauren’s CFO, said the company decided to close the store in order “to ensure we have the right distribution and customer experience in place.”

Under CEO Stefan Larsson, who quit in February, the company revamped itself by closing stores, selling off some of its smaller labels and cutting back on offering discounts. The fashion house is looking to create about $140 million in annual savings.

When Larsson took over in late 2015, he cut about 1,000 jobs and is looking at closing dozens of stores. [WSJ]Rich Bockmann

Correction: A previous version of this article incorrectly noted Larsson’s status at the firm. He quit in early February.


Related Articles

arrow_forward_ios
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
A photo illustration of the proposed Lower Platte River Corridor (Getty, Plan Preserve Play NE)
Nebraska lawmakers mull digging $1B recreation lake
Nebraska lawmakers mull digging $1B recreation lake
Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)
Soloviev bets long-dormant Midtown East site in casino sweepstakes
Soloviev bets long-dormant Midtown East site in casino sweepstakes
CHIP's Jay Martin and HCR Commissioner RuthAnne Visnauskas (Getty)
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
PulteGroup's Ryan R. Marshall and RedFin's Glenn Kelman (PulteGroup, RedFin, Getty)
Wall Street is bidding up housing stocks again
Wall Street is bidding up housing stocks again
Empire Capital Holdings' Josh Rahmani, Hakimian Capital's Michael Hakimian, RXR's Scott Rechler and 1330 6th Avenue (Getty, Hakimian Capital, Empire Capital Holdings, 1330aofa.com)
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
Urban Commons' Salvatore G. Takoushian with Wagner at the Battery
Urban Commons puts FiDi hotel into bankruptcy
Urban Commons puts FiDi hotel into bankruptcy
(Illustration by The Real Deal; Getty)
Multifamily faces stricter emission caps
Multifamily faces stricter emission caps
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...