New York City 5th Avenue is to shopping what Broadway is to theatre. Companies such as Bergdorf Goodman, Tiffany & Co, and Louis Vuitton used to line the streets and occupy some of New York City’s most prized real estate. Lately, however, the avenue’s glittery displays have been changing more rapidly as retailers come and go. Tourism has slowed down while online shopping has sped up making it harder for companies to justify empty spaces and sky-high rent. Though luxury brands are facing less pressure when it comes to e-commerce as their clientele is more niche, they still cannot survive without a digital strategy as consumers are taking charge. They are doing the research themselves and are a contributing factor in the direction that fashion brands are taking.
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