New York City’s famed Pearl River Mart to close

New York -- Rising rents and increased online competition have claimed one of downtown Manhattan’s most iconic retail stores, Pearl River Mart in SoHo. The Chinese department store, which opened its doors in 1971, will close at the end of its current lease in December.



"My journey with Pearl River has been a long and rewarding one," said Pearl River co-founder Ming Yi Chen. "When we first opened our doors, my colleagues and I simply wanted to create a small window into the Chinese culture. The recognition we've received over these four and a half decades has been a wonderful validation of our original vision.”



Pearl River is currently exploring ways to expand its e-commerce division. In addition to significantly lowering operational costs, the transition would allow the company to continue serving customers base while also retaining many of their current staff, the majority of whom have been with Pearl River for more than two decades.



"The decision to close our store was not easy but our current business model simply isn't sustainable in today's retail landscape," stated Pearl River president Ching Yeh Chen. "Should we decide to pursue a new direction with Pearl River, it will be imperative for us to capture the unique shopping experience that our customers know and love."