NEW YORK — Fashion retailer Ralph Lauren said it will close its Polo flagship store on 711 Fifth Avenue this year.
The company plans to move Polo products into the Ralph Lauren Men’s and Women’s flagship stores on Madison Avenue and its downtown locations. The Company will continue to operate its seven additional store locations and the flagship Polo Bar Restaurant in New York City.
Jane Nielsen, Chief Financial Officer of Ralph Lauren said about the Polo store closing: “We continue to review our store footprint in each market to ensure we have the right distribution and customer experience in place. The decision will optimize our store portfolio in the New York area and allow us to focus on opportunities to pilot new and innovative customer experiences. The Polo brand remains strong, and we expect it to further strengthen as we continue to evolve the Polo product and marketing.”
The Company also plans to move to a more cost-effective, flexible e-commerce platform through a new collaboration with Salesforce’s Commerce Cloud (formerly Demandware). The new solution is expected to deliver a more consistent customer experience at a lower operating cost.
These decisions by Ralph Lauren, together with actions to continue to streamline the organization, cost structure and real estate portfolio, will result in approximately $140 million in expense savings.
The Company will also explore new retail concepts, including leveraging Ralph’s Coffee, and developing new store formats that connect the brand to loyal and new consumers.
CFO Nielsen added: “These are important actions we are taking to continue our evolution and deliver on the Way Forward commitments we made in June. We are looking carefully at the way consumers are shopping online and believe that shifting to the Salesforce Commerce Cloud platform will allow us to create a best-in-class solution more efficiently in all of our markets around the world.”