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.