Ralph Lauren's Flagship Fifth Avenue Store Is Shutting Down

The negative financial reports continue for Ralph Lauren. As WWD notes, the esteemed fashion house will be closing the doors of its Polo Ralph Lauren flagship store on Fifth Avenue in New York. The closure is taking place as part of the brand’s new “Way Forward Plan,” which also includes a digital operations switch-up and corporate staff cuts. All the efforts happening as part of Ralph Lauren’s “Way Forward Plan” are set to conclude by the end of March 2018, with expectations of about $140 million USD in “annual cost savings.” “These are important actions we are taking to continue our evolution and deliver on the Way Forward commitments we made in June,” explained Ralph Lauren CFO Jane Nielsen. “We are looking carefully at the way consumers are shopping online and believe that shifting to the [new digital] platform will allow us to create a best-in-class solution more efficiently in all of our markets around the world.”

A product of former CEO Stefan Larsson, Ralph Lauren’s “Way Forward Plan” has been pushed as a way to plot a new course since the middle of last year. While the strategy is intended to cut costs and make Ralph Lauren a lucrative, competitive business, initial costs to implement the plan are calculated at about $370 million. More than just cuts, the company’s “Way Forward” promotes the Ralph’s Coffee venture and the development of “new store formats.”