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Tommy Hilfiger announced this week that it will shutter its 22,000 square-foot global flagship location on New York City’s famous avenue as part of the company’s new “strategic objective” in reshaping its retail landscape.
The company’s CEO Daniel Grieder said it also plans to close its store on Miami’s iconic shopping strip on Collins Avenue at the end of the month as well. Grieder said the retailer will instead continue to focus and invest in its online sales and the ongoing expansion of strong wholesale distribution partners.
Tommy Hilfiger now joins the long-list of other retailers who have abandoned the shopping strip in recent months. Last year, Gap, Henri Bendel and Lord & Taylor all announced it will close its flagships stores.
Earlier this year, Calvin Klein, which like Tommy Hilfiger is also owned by PVH Corp, announced it too is set to close its flagship store this spring. However, its store is located on Madison Avenue, just one block from Fifth Avenue.
In 2017, Ralph Lauren was one of the first big clothing retailers to announce it plans to shutter its flagship Fifth Avenue store.
Bob Phibbs, CEO of New York based consultancy the Retail Doctor said the slew of closures speak to the larger migration from a tradition Fifth Avenue location to new and trendier spots.
“Observers speculate it’s because consumers are shopping online instead, but we’re seeing even more expensive and less approachable brands opening up in Hudson Yards to great success. It’s clear that Fifth Avenue itself has lost some of its luster with customers," Phibbs told FOX Business.
However, don’t expect empty lots on the pricey avenue. Many retailers such as Dyson, Nike and discount retailer Five Below, among others, have moved in over the last few years.
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