Coach abruptly shuts doors at Vornado’s 595 Madison

The leather goods retailer has occupied the prime corner for more than 30 years

TRD NEW YORK /
Jan.January 24, 2020 09:00 AM
595 Madison Avenue (Credit: Vornado)

595 Madison Avenue (Credit: Vornado)

Coach is the latest retailer to close its doors in Manhattan’s iconic shopping district.

The leather goods retailer closed its 6,000-square foot flagship at 595 Madison Avenue, where it had been for 30 years, the New York Post reported. The closure leaves the entire retail portion of the Vornado Realty Trust-owned building vacant.

A Coach spokesperson said the closing was part of the plan since the retailer opened its Coach House store at 685 Fifth Avenue.

The brick-and-mortar retail sector continues to struggle. The closure is the latest to hit the 57th Street corridor between Park and Sixth avenues and the blocks to the north and south in the past 18 months. According to commercial brokerage CBRE, lack of demand caused a 8.8 percent drop in asking rents in the fourth quarter of 2019 in Manhattan’s 16 biggest retail corridors.

Nearby, luxury department store Barney’s will significantly shrink its footprint — and stay open for at least 12 more months — after a high-profile bankruptcy resulted in the liquidation of its goods and an uncertain future for its employees. [NYP] — Georgia Kromrei


Related Articles

arrow_forward_ios
Clockwise from top left: 312 West 34th Street, 61 North 9th Street, 639 Classon Avenue, and One Fulton Square (Credit: Google Maps)

These were the top 10 NYC retail leases in July

Ricky's at 830 Broadway (Credit: NYC Go)

Ricky’s, iconic NYC beauty shop, faces
more closures

From top, clockwise: Cushman & Wakefield's Joanne Podell, Showfields' Amir Zwickel, Appear Here's Josh Yentob, Brookfield Properties's Mark Kostic (Credit: Getty, LinkedIn)

When it comes to retail, “real estate in New York is fundamentally broken”

From left: 220 Central Park South, Vornado CEO Steve Roth, Sting and Ken Griffin (Credit: Google Maps, Getty Images)

At 220 CPS, 91% of condos are sold amid “very soft” market: Vornado

Vornado Realty Trust’s Steve Roth, 220 Central Park South (Credit: Getty Images)

Vornado closes out 2019 with another $59M sale at 220 CPS

Jeff Sutton and the Prada storefront at 724 Fifth Avenue (Credit: Google Maps)

Prada gives landlord Jeff Sutton a lawsuit for Christmas

McDonald's at 429 Seventh Avenue (Credit: Google Maps)

McDonald’s sells Midtown retail building for $35M

(Credit: iStock)

Chain stores decline in every borough

arrow_forward_ios
Loading...