(NEW YORK, NY) — Fifth Avenue has waved goodbye to retail giants such as Lord & Taylor, Henri Bendel, and Ralph Lauren Polo. Now, Gap will be added to the list, according to the New York Post.
The Gap, located at 680 Fifth Avenue, will shut the doors of its three-level store on January 1st—and we can’t say we’re surprised.
America’s most iconic retail stores are throwing in the towel one after the other. Contrary to popular belief, prime shopping locations, like Fifth Avenue, are not saving them.
Sears, Toys “R” Us, Kmart, and J.C. Penny are just a few more retail giants that have closed storefronts in America over the years.
Why aren’t people talking about it? Well, in case there are skeptics to the retail apocalypse, let’s take a trip down memory lane. Do you remember Blockbuster? The rise of Netflix bankrupted Blockbuster and took control of the entertainment industry.
What does Netflix have in common with Lord & Taylor? Two words, the internet.
The rise of e-commerce platforms such as Amazon have changed the way consumers shop.
As for the Digital Era, it’s knocking on our doors and taking over rents. Good old WeWork will be filling in Lord & Taylor’s shoes on Fifth Avenue. And, given the company is just eight years old, who would have ever guessed that?