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(Bloomberg)—After weeks of hand-wringing over its fate, the flagship location of Barneys New York Inc. will stay open for at least another year, albeit with a new format.
The store will morph into a “pop-up retail experience” including boutiques, art and other cultural events, according to a statement Friday from its new owner, Authentic Brands Group LLC.
But the center of gravity will move down the street. “Our first flagship will be 50,000 square feet on Fifth Avenue inside Saks,” Jamie Salter, founder and chief executive officer of Authentic, said in an interview.“This gives Saks an opportunity to attract a new customer that they don’t necessarily have today.”
At the Madison Avenue...