Fifth Avenue Gap Store To Close In January, Report Says

MIDTOWN MANHATTAN, NY — A store that once served as GAP's flagship location in Midtown Manhattan will shut its doors permanently in January, according to reports.

The three-story GAP store on Fifth Avenue and West 54th Street will close on Jan. 20 as part of a company-wide initiative to cut back on physical locations, the New York Post first reported. The Fifth Avenue store was not initially listed when Gap announced its plans to close stores.

GAP's Fifth Avenue store occupied prime real estate located within blocks of other retailers such as Tommy Hilfiger, Zara, Dolce & Gabbana and Hollister. The area saw some relief from rising retail rents this year, but with an average asking rent of $2,973 per square foot the area is still pricey, CNBC reported. Fifth Avenue between West 49th and 59th streets saw the average retail rent frop 24 percent this year, according to the report.

The trend on Fifth Avenue played out similarly in other shopping districts, CNBC reported. A study by the Real Estate Board of New York concluded that 15 of Manhattan's 17 most-prominent retail corridors saw rent decreases.

Potential closing sales at the Fifth Avenue GAP have not been announced.

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