Crate and Barrel to Close Madison Avenue Store

Crate and Barrel will close one of its two flagship stores in New York City due to the recent sharp increase in retail rent on Madison Avenue.

The furniture and home accessories based out of Northbrook confirmed Monday they will shut down their location at 650 Madison Ave., where they have located for more than 20 years, according to the Chicago Tribune. They will continue to operate their other Manhattan location in the bureau’s SoHo neighborhood.

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“This was a difficult decision, and we are grateful to our departing associates for their hard work and service,” the company said in a statement. “We remain well-positioned to serve the New York market through our SoHo store, as well as stores in the surrounding area and through our website.”

The Wall Street Journal first reported the company plans to close because of the higher rents it will soon face in the neighborhood. Asking rents on the corridor dominated by luxury retailers have risen 91 percent over the last five years.

more via the Chicago Tribune