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Barneys refutes downsizing

April 2, 2019

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Barneys’ predicament is yet another sign of the upheaval of New York real estate, including, most recently, Tommy Hilfiger exiting its Fifth Avenue flagship, but also Ralph Lauren Polo and Lord & Taylor.

“For starters it’s the rent — they went from $16 million to $30 million and the thing had to go to arbitration. Are New York landlords living in an alternative universe? Retail on almost every level has been unaffordable there, whether you’re a small storefront in Chelsea or on Fifth Avenue or Madison Avenue. They just don’t think that economics applies to them,” retail analyst and consultant Sanford Stein, author of “Retail Schmetail,” told Retail Dive in an interview.

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