Ralph Lauren closing flagship Manhattan store and other locations

Italian clothes manufacturer Belstaff inside a leather jacket at a fashion shop in Frankfurt

The moves are the latest as the retail industry responds to the consumer shift to e-commerce that has led many to conclude that the United States brick-and-mortar retail footprint is too big.

"The decision will optimize our store portfolio in the NY area and allow us to focus on opportunities to pilot new and innovative customer experiences", she added.

In a sign of desperation and extreme cost cutting measures, Ralph Lauren is closing its two year-old Fifth Avenue store on April 15, the company said on Tuesday.

The closure is part of the NY fashion company's plan to save $140 million annually. The company has eliminated layers of management, slashed 1,000 jobs and closed about 50 stores.

Merchandise from the Fifth Avenue Polo store will be moved into both the men's and women's Ralph Lauren flagship stores on Madison Avenue.


Tiffany said last month that sales in its NY flagship store declined 11 percent for the full year, including a 7 percent drop in the fourth quarter. And don't worry, the flagship Polo Bar restaurant on Fifth Avenue is here to stay too.

Ralph Lauren's shares declined 3.92 percent to $78.11 in morning tradiing. In a public filing on Tuesday, the company planned to close an unspecified number of stores, close a certain corporation operations and reduce workforce.

The restructuring plan is part of the company's Way Forward Plan that's been around since last June. According to Ralph Lauren, the new solution is expected to deliver a more consistent customer experience across the global digital ecosystem, with an advantaged total operating cost.

New (KOSDAQ: 160550.KQ - news) ideas under review include "Ralph Coffee" at retail locations and "developing new store formats that connect the brand to loyal and new consumers", the company said.

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