Ralph Lauren closes Greenwich Avenue store amid widespread shuttering
Ralph Lauren, one of Greenwich Avenue’s most iconic and reportedly expensive build-outs, has shut its doors following last month’s announcement of 50 closures nationally and 1,000 job cuts across the brand.
Wrapping now covers Ralph Lauren’s windows at the multi-story, 19,000-square-foot space at 265 Greenwich Ave. and its telephone has been disconnected. Movers were seen around the store Monday, according to nearby retail workers.
“This is a shock and really bad news,” said Ron Brien, of Greenwich’s Alliance Commercial Property.
The building’s leasing agent at commercial real estate firm RFK has not responded to requests for comment.
Ralph Lauren’s location is considered by some as the “most prestigious block,” Brien said, “largely because of Ralph Lauren. ... Most of the big national brands on that block opened up after Ralph Lauren launched it.”
Ralph Lauren opened the lavish space in November 2009 amid a handful of openings around the world. This week’s departure is likely part of the brand’s plans to shed $140 million in annual expenses, according to The Financial Times. The closures included its flagship Fifth Avenue Polo store in Manhattan, which was shuttered last month.
Tenants looking to take over Ralph Lauren’s space would likely sublease it from the brand, according to Christian Bangert at Rhys, a Stamford-based commercial real estate company.
“To the best of my knowledge, Ralph Lauren still has a long-term lease remaining at 265 Greenwich Ave. and the whole building is currently being actively marketed for sublease,” Bangert said in an email.
Rumors of Ralph Lauren’s departure surfaced several weeks ago, Brien said. He “brushed them off because I either didn’t believe it or didn’t want to believe it. ... We’re in for rough times and this only adds to it.”
The vacancy is the largest on Greenwich Avenue. Fashion retailer Rag & Bone moved across the street earlier this spring, vacating 195 Greenwich Ave., now the second-largest empty storefront.
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