Ralph Lauren to close down N.Y. Fifth Ave. store

05 April, 2017, 02:29 | Author: Joy Garcia
  • Ralph Lauren to close down N.Y. Fifth Ave. store

In an effort to cut costs, Ralph Lauren is closing its flagship Polo store on Fifth Avenue in NY.

The latest efforts that are part of what the company called its "Way Forward Plan" will see RalphLauren carry out "a reduction in workforce" and eliminate some corporate operations.

Goods from the Fifth Avenue store will be sold at other Ralph Lauren stores in NY. It opened the first of those locations in its Polo flagship in 2014. Other Polo Stores around the country will remain open. The moves come on top of 50 store closures a year ago, a decision stemming from dwindling sales at its own stores as well as at the department stores like Macy's (m) that carry its products. It will also move to a more cost-effective e-commerce platform through a new collaboration with Salesforce's (CRM) Commerce Cloud.

Ralph Lauren Corp. includes a stable of brands including Polo Ralph Lauren, Ralph Lauren Purple Label, Ralph Lauren Collection and Black Label, each incorporating an overarching sense of classic-yet-vogue fashion.

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Meanwhile, Ralph Lauren expects to incur restructuring charges of approximately $370m as a result of these new activities.

"We continue to review our store footprint in each market to ensure we have the right distribution and customer experience in place", Nielsen said in a statement Tuesday.

"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", said Nielsen. Its closing, scheduled for April 15, will leave the retailer with seven stores in New York City.

Ralph Lauren chief financial officer, Jane Nielsen comments that the closing is, in fact, aimed at freeing up the company to explore other ventures, hinting at the expansion of Ralph Coffee cafe.

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