Famed 'Pearl River Mart' To Close Doors, Go Online In Face Of Looming Rent Hike
NEW YORK (CBSNewYork) -- The famous 'Pearl River Mart' an affordable home goods store is shutting down its three level SoHo store in the face of a five-fold rent hike.
Pearl River currently pays more than $100,000 a month for its shop, according to Crain's New York.
As 1010 WINS' Sonia Rincon reported, the store sells clothes, home products, food, and even has a little tea shop.
"Just a collection of all of this Asian inspired goods that are all collected in one place and it's sort of a random assortment of them," Stefan said. "It's hard for any of the brick and mortar retailers to compete."
The store plans to close at the end of the year and go online.
The department store has been in lower Manhattan for decades and has been a fixture on Broadway in SoHo for the last 12 years.