Ralph Lauren announced on April 5 that it would close its flagship Polo store in New York in less than two weeks. The Fifth Avenue location is one of dozens of stores the company will shutter in an effort to cut costs and improve efficiency.
In the last quarter, same-store sales declined 5% compared with the same period in 2016. The brand is struggling to connect with millennials and keep up with fast-fashion brands like H&M, Uniqlo, and Zara. We visited Ralph Lauren's Polo store on Fifth Avenue the next day. It was full of unfashionable clothes and lacked shoppers despite being on one of the busiest streets in New York.