Barneys is reportedly downsizing, shrinking the size of its iconic Madison Avenue store.
The flagship store as we know it is changing. Experts say that large flagship stores that do not offer exciting and engaging experiences are no longer effective marketing tools for brands.that the retailer is looking to reduce the footprint of its iconic New York flagship store on Madison Avenue by more than half, giving up five of its nine floors.
The upscale department store chain joins retailers including Gap, Lord & Taylor, Calvin Klein, and Ralph Lauren who have taken decisive action to cut expensive flagship stores in recent months.Traditionally, the flagship store has been a way to promote a brand's image and tell its story, more about marketing and branding rather than sales.
"A brand like Gap has no real business having a flagship as it is just a large version of mundanity that doesn't really pay for itself," he said. Innovation hasn't been reserved to smaller digital brands, however. Longtime industry players such as Nike and Nordstrom are also figuring out how to make their flagship stores relevant and appealing.Nordstrom opened its new men's-only flagship store in New York
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