Joe Fresh closes 5th Avenue flagship
Mar 14, 2016
Joe Fresh will no longer be calling 510 Fifth Avenue home. The brand has closed their 18,000-square-foot flagship at the corner of West 43rd Street. The store has been at that location since spring of 2012. Other recent closures for the company include their Fifth Avenue stores at 110 Fifth Avenue and 510 Fifth Avenue.
Last fall, they shuttered locations at 215 W. 34th Street and 1055 Madison Avenue. The only Joe Fresh in New York still operating is the one at 462 Broadway in SoHo.
“As part of our go-forward strategy focusing on stores with an optimal scale, design template and merchandise mix, Joe Fresh has closed two New York stores located at 110 Fifth Avenue in December and 510 Fifth Avenue in February,” said Mario Grauso, president of Joe Fresh, to WWD. “Joe Fresh is committed to a global retail strategy that delivers exceptional style and value to customers around the world. We continue to grow our business with new stores in prime shopping locations with optimal footprints and traffic patterns, in addition to remodeling existing units for an elevated customer experience.”
Joe Fresh's only remaining New York store in SoHo
While Joe Fresh may have closed most of their New York stores, that doesn't mean they don't still have plans for expansion. The company has plans on launching their first stores in The Philippines with their partner, Stores Specialist, Inc. This follows the launch of three new stores in Mexico which opened recently in partnership with El Palacio di Hierro.
The sign on the current 510 Fifth Avenue store tells customers to visit the SoHo location.
Joe Fresh is part of Lobalw Cos. Ltd., which is controlled by the Weston family, who also owns Selfridges Group which operates Holt Renfrew in Canada, Brown Thomas in Ireland, and Selfridges in the U.K.
In January, Joe Fresh decided against renewing their distribution agreement with J.C. Penney which expired after two years on January 30, 2016.
Mid-range price point brands have been struggling lately as people are turning to products that are either very inexpensive or luxury items. Gap is one of those middle of the road brands in the realm of labels that happen to be struggling, as people turn to other, more inexepnsive stores like Zara and H&M. Perhaps Joe Fresh's ability to expand lies internationally, as they turn to other countries for business.