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