Barneys Considers Downsizing Its NY Flagship

New York-based Barneys is reportedly in the process of downsizing its Madison Avenue flagship in New York.

The company is in negotiations that could shrink its footprint at that location by more than half, giving up as many as five of its nine floors. The move is an attempt to reduce its $30 million annual rent for the location.

According to New York Post, the space has become too large for the retailer, though the company plans to retain its popular eatery Freds Madison Avenue. The space’s landlord may convert some of the floors that Barneys gives up into office space or luxury apartments.