George Angelich, from law firm Arent Fox, explained that “it becomes very challenging to maintain profitability” when rents increase and consumers favour buying online rather than in the store. Its closure marks changing times for the high-street, as more consumers favour shopping online than in brick and mortar stores.
Barneys quickly became an icon in the high fashion world for both men and women in the 1970s. In 2019, the retailer is owned by investor Richard Perry and operates stores in New York City on Madison Avenue and Chelsea. Other store locations include Beverly Hills, Chicago, Seattle, Boston, San Francisco and Las Vegas.
Barneys planned to downsize the Madison Avenue store to reduce the annual rent, which had tripled the year according to Bloomberg.