Barneys denies report it is downsizing flagship
Barneys New York has no plans to change the size of its famed nine-level flagship in Manhattan.
The New York Post reported last week that the luxury retailer may reduce the size of the 275,000-sq.-ft. store by more than half in an effort to reduce its hefty annual rent. However, a Barneys spokesperson told Chain Store Age via email that the company is committed to maintaining the footprint of its Madison Avenue location.
"There are no active conversations regarding the store's footprint, and all statements indicating otherwise are false," the spokesperson stated.
Barneys signed a new 10-year lease in January, which raised the store costs to an annual $44 million, including property taxes, the New York Post said.
The New York Post reported last week that the luxury retailer may reduce the size of the 275,000-sq.-ft. store by more than half in an effort to reduce its hefty annual rent. However, a Barneys spokesperson told Chain Store Age via email that the company is committed to maintaining the footprint of its Madison Avenue location.
"There are no active conversations regarding the store's footprint, and all statements indicating otherwise are false," the spokesperson stated.
Barneys signed a new 10-year lease in January, which raised the store costs to an annual $44 million, including property taxes, the New York Post said.