Juicy Couture is closing its Madison Avenue location since it can no longer afford the $2 million rent. The company leased the space during boom times, but $58 key fobs aren't enough to sustain it now. But stress not — the giant, slightly scary Fifth Avenue location is thriving. Juicy president Edgar Huber said customers prefer to shop there.
“The Madison location became a neighborhood store, not a high-traffic store. It was never extremely strong for us. It’s important to have a store on Madison. It’s prestigious, but $2 million [in rent] is too high. Our average transaction is not as high as our neighbors.”
So it was just for show? Who were they trying to impress? Upper East Side residents? Wandering tourists? Labels who make real couture and also have stores on Madison?
Maybe they're so willing to give up the prestige because Madison doesn't have much anymore. A total of 49 spaces are available between 59th and 79th streets, including twenty vacant locations and 29 locations current occupants want to relinquish. "Landlords will have to bring down prices. Nobody will be willing to pay them,” Huber told WWD. Unless Juicy's departure somehow has the opposite effect?
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