For more than 100 years, Fifth Ave. and Madison Ave. have been home to the world’s top fashion and jewelry brands.
That is changing with a rush of closings following Lord & Taylor, which shut down its flagship store after Christmas, to become a WeWork.
Here’s what else is closing soon on Fifth and Madison, following the long, sad going-out-of-business sale which began last summer:
Calvin Klein just announced it would close its Madison Avenue showcase store in the spring, joining Ralph Lauren, which closed last fall.
Henri Bendel is closing soon, too. This upscale retailer has been a Fifth Avenue neighbor of Bergdorf Googman, Tiffany’s and Cartier’s since Day One.
Gap announced over the holidays that it is closing its huge Fifth Ave. store on Jan 20th, along with hundreds of other locations around the USA, as part of a broad overhaul.
The same company which owns Gap – L Brands – also owns Henri Bendel, Victoria’s Secret, and Bath & Body Works, reportedly wants to focus more on its beleaguered Victoria’s Secret brand.
There’s no word on whether the huge Victoria’s Secret on Fifth Ave. across from St. Patrick’s Cathedral will stay, or move into part of the Henri Bendel space.
Versace is reportedly looking to leave Fifth Avenue, too.
It’s a combination of ridiculously high rents, and our switch to buying more online and less in stores.
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NYC department stores gone forever, including
Gimbel’s, B. Altman, Alexander’s, Orbach’s,
Franklin Simon, E.J. Korvette’s,
Best & Co., Daffy’s, Abraham & Strauss, Sym’s
photo courtesy CNN
High costs
High-end brands used the stores to showcase their brand for wealthy New Yorkers and tourists. But a changing economy and the drive for profitability is changing that.
The asking price-per-square-foot of retail space from 49th to 60th street on Fifth Avenue at the end of the year was $2,668, nearly $500 more than it was a decade ago, according to Cushman & Wakefield, as reported by CNN Business.
You have to sell a lot of t-shirts and handbags to cover that.
Photo courtesy CNN
New flagships
While some brands are disappearing, others are revamping, or seeking new neighborhoods entirely.
Tiffany’s is staying put in its classic Fifth Avenue townhouse store on the corner of 57th St., and is undergoing a three-year renovation. The fully re-designed store is set to open in 2021 as part of the jeweler’s focus on attracting younger, hipper customers.
Uniqlo, the Japanese retailer, which offers bargain-priced quality clothing and accessories, also is staying put in its three-floor flagship in 666 Fifth Ave.
Nike just opened a six floor, 68,000-square-foot “House of Innovation 000” on Fifth Avenue in November after shuttering its old Niketown store adjoining Trump Tower. It’s a high-tech, cashless concept.
There are no cash registers, so shoppers have to check out using the Nike mobile app. Also, customers can scan QR codes on clothes to send them straight to fitting rooms, and book sessions with Nike experts to talk about sneakers and clothes for training.
New retail neighborhoods
Nordstrom is opening a store this year on West 57th Street, close to Eighth Ave, across the street from a TJ Maxx. The separate Nordstrom for Men is already open.
Nieman Marcus is opening a store in Hudson Yards, the city’s newest retail center.
Westfield Oculus and Brookfield Place, two shopping areas at or near the World Trade Center, are have attracted high-end retail brands.
And Soho continues to attrract upscale flagships, including Everlane, Nordstrom, Warby Parker, Allbirds, and MM.LaFleur.
What do you think of all the store closings on Fifth and Madison Avenues?
very scary to see lord n taylor close, and i heard the crysler bldg will be sold too, not good at all folks , stop n think ,