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Ralph Lauren to close Polo store on Fifth Avenue in cost-cutting plan

Ralph Lauren will close its dedicated Polo store at 711 Fifth Avenue in New York and integrate its product into the Ralph Lauren men’s and women’s stores on Madison Avenue and other nearby locations.

The company will continue to operate its seven additional store locations and its flagship Polo Bar Restaurant in New York City.

The move comes as part of its Way Forward Plan, which aims to return the US brand house to sustainable profitable growth.

The firm will also move to a new, flexible ecommerce platform with Salesforce’s Commerce Cloud. The developments are expected to save approximately $140m (£112m) annually.

Ralph Lauren said it will explore new retail concepts, which may feature the Ralph’s Coffee format.

The brand opened Ralph’s Coffee & Bar on Regent Street in London earlier this year, adjacent to the new Polo Ralph Lauren store, which opened in September last year.

Ralph Lauren president and chief executive Stefan Larsson is to leave the company next month, after a dispute with founder Ralph Lauren on the future direction of the business.

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