Luxury leather goods merchant Coach has abruptly shuttered its three-level boutique at Madison Avenue and East 57th Street — the latest blow to the fabled but troubled shopping district, which continues to hemorrhage some of its most celebrated stores.
The 6,000 square-foot Coach emporium at 595 Madison Ave. had been at the prime corner for more than thirty years. Coach spokesperson Andrea Shaw Resnick said the closing “was always part of our planning when we opened our Coach House store at 685 Fifth Ave.” That was in 2016.
The shutdown leaves all of the Vornado-owned retail space at the landmarked Fuller Building vacant. Vornado declined to comment.
The 57th Street corridor between Park and Sixth avenues as well as the blocks immediately north and south have been rocked by one retail wipeout after another in the past 18 months.
The huge Z Chemists high-end pharmacy at 40 W. 57th St. went dark a few weeks ago. The block between Fifth and Sixth avenues — the longest in Midtown — now has as many vacant stores as occupied ones.
Fifth Avenue south of 57th has large, empty spaces that were home to Henri Bendel, The Gap, Ralph Lauren Polo, Tommy Hilfiger, Massimo Dutti, Stuart Weitzman, Lululemon and Topshop.
But the biggest, looming loss to the lux area is bankrupt Barneys on Madison at East 61st Street, which will shut down for good in a few weeks.
In a new report this week, commercial brokerage CBRE said the Manhattan “market continues to make the difficult adjustment to the new realities of the retail business.”
The data found that retail leasing “decelerated modestly in the latter half of 2019.” Lack of demand caused a drop in asking rents of 8.8 in the fourth quarter of 2019 in Manhattan’s 16 most important retail corridors.
“This decline was more substantial than the prior quarter and marked the ninth consecutive quarter” that retail rents fell in the city, said CBRE research director Nicole LaRusso.
But the damage is most severe in Manhattan’s most celebrated, central shopping district, despite a few bright spots such as the arrival of luxury perfume shop Amaffi at 40 E. 57th St. and David Yurman’s move to 5 E. 57th.
Demolition and construction make things look worse. Tiffany recently moved into the former Niketown store at the Trump Organization’s 6 E. 57th St. for a three-year renovation — a solution only made possible because Nike no longer had any use for the 65,000 square-foot space.