Amazon Stock Rises, Ralph Lauren Closing Fifth Ave Store to Boost E-Commerce Business

Amazon‘s operations and stock continues to grow, while brick and mortar retailers struggle to survive. The online retail giant stock rose to $915.94 per share Wednesday, amid announcements from multiple retailers facing bankruptcy, layoffs and financial problems.

The latest retailer to announce cutbacks is fashion house Ralph Lauren. The company announced it is closing its Polo store on Fifth Ave. in Manhattan. According to the Wall Street Journal, the retailer is closing the store to save cash and focus on e-commerce operations. Boosting it’s online operations and reducing costs could help Ralph Lauren stay competitive with Amazon and other online retail websites and avoid going out of business.

The Polo store at 711 Fifth Ave. will move its products to the Ralph Lauren men’s and women’s stores on Madison Avenue and other downtown locations. Ralph Lauren said it would continue to operate seven additional store locations and its Polo Bar Restaurant in New York City, the Wall Street Journal reported.

The company’s empty space will be up for grabs for investors in the New York City commercial real estate business. The location could become a luxury condo building or provide more attractive apartment options to steer renters back to Manhattan away from booming Brooklyn. No announcements have been made about future plans for the space.

Ralph Lauren told the Wall Street Journal, the store closure along with other actions to continue to streamline the organization will lead to about $140 million in annual savings.

 

Monica Link

Monica Link

Editor-in-Chief for New York City Wired - Monica Link is a New York City-based technology / fashion writer and entrepreneur. Monica has interviewed CEO's, rising tech entrepreneurs and celebrities. Her work is followed by readers in more than 10 countries. Monica's notable interviews incliude celebrity trainer Gunner Peterson, New York Times bestsellers David Bach and Josh Linkner. As a passionate lover of the arts, Monica has performed, written and produced in live theater. She also writes about gallery exhibits, literature and fashion including New York Fashion Week. Follow her on Twitter @Memymonicalink

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