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We sort of forgot Pier 1 existed, and apparently we weren't the only ones. The furniture store is leaving Manhattan entirely, driven out by rising rents. It's currently in the middle of closing its 26-year-old shop on Third Avenue and 87th Street, and it will vacate an even-older location at Fifth Avenue at 15th Street when the lease expires in 2012. There's a silver lining, though, at least for 18-year-olds who like cheap clothes: The Union Square storefront "gets heavy student foot traffic from nearby New York University and the New School just blocks away, so the building is searching for a retail tenant like Zara or H&M to appeal to that crowd." [The Real Deal]

Zara Fifth Avenue

666 Fifth Avenue, New York, NY 10019 212-765-0477 Visit Website