Ralph Lauren is head of a multi-billion dollar global fashion enterprise that has recently been forced to adjust to changing fashions in the way retail is conducted.
Ralph Lauren Corporation announced this week that it would be closing its Fifth Avenue flagship store in New York following poor sales.
Commentators have listed flagship store dullness, young fashionistas using mobile phones to search for discounted versions of their clothing, and customers finding it more convenient to buy from outlets than the Ralph Lauren store itself, as the main reasons for the store’s decline.
Neighbouring retailers on Fifth Avenue seem to have gone to greater lengths to excite their customers like this 12 foot Dinosaur made of handbags in the nearby Coach Inc store.
Showing your customers the same old thing seems to have a price.