Closures change retail landscape on Fifth Avenue in NYC
Fifth Avenue in New York City used to be the place to shop. Even if it was just window shopping.
Maybe not so much these days. Last week Tommy Hilfiger closed his 22,000-square-foot global flagship at 681 Fifth Avenue. Ralph Lauren’s Polo flagship, Lord & Taylor, Gap and Henri Bendel have all left the world-famous avenue, too.
It's just another sign of a changing retail landscape.
Daniel Grieder, chief executive officer of Tommy Hilfiger Global and PVHurope, said to reach and engage savvy North American consumers, the focus will be on next generation retail experiences and partnerships to stay ahead of today’s continuously changing shopping habits and preferences.
The closing isn’t an indication of slow business. In the third quarter of fiscal 2018, Hilfiger’s revenues rose 11 percent to $1.1 billion, according to a WWD story.
But other brick-and-mortar stores are feeling a strain. Abercrombie & Fitch plans to shutter up to 40 stores this year but will open that many or more new locations. Other closures include The Gap, 230 stores; Victoria’s Secret, 52; and J.C. Penney, 28. Chico’s FAS Inc. plans to close 100 Chico’s, 90 White House/Black Market, and 60 Soma stores over the next three years.
And Calvin Klein will close its 18,000-square-foot, three-level flagship store on Madison Avenue in New York City this spring. The company has said it’s moving toward a digital-first approach.
The big question is: Who’s next?