Saturday, 29 April, 2017

Ralph Lauren to shut down Fifth Avenue Polo store

U.S. fashion designer Ralph Lauren inside a jacket at a fashion shop in Frankfurt Germany Ralph Lauren to Close Flagship New York Store
Arthur Frazier | 05 April, 2017, 02:33

The luxury retailer also said its e-commerce business would move to Salesforce.com Inc's CRM.N cheaper and more efficient Commerce Cloud platform.

The April 15 closure is part of the NY fashion company's plan to save $140 million annually; the company also said it will close other stores, cut jobs and, shut some corporate offices, but did not provide details. He had only been on the job for two years. The moves will result in $370 million in one-time expenses. This is in addition to another $180 million to $220 million in savings that it announced last June 7. It has 485 company-owned stores worldwide. 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. In fact, customers are catching on to the plan and now wait until the items they want are discounted before heading out to make a buy.

"We continue to review our store footprint in each market to ensure we have the right distribution and customer experience in place", Ralph Lauren Chief Financial Officer Jane Nielsen stated in a news release.

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The remaining product at the 711 Fifth Avenue store will be moved to the 867 Madison Avenue flagship and other NYC area stores. It has been one of the company's highest-profile locations in its hometown of NY, in addition to the men's and women's flagship stores on Madison Avenue.

The company said the current restructuring will save $140 million per year. The first Ralph's Coffee and Bar opened late a year ago in London, a spokesman said.

Other changes could include new retail concepts and new store formats created to bring in both old and new customers, the company says. She comments, "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".

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