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If you've got a bucket list of things to do before 2015 ends, visiting Pearl River Mart one last time doesn't need to be on there. According to sources reporting to Jeremiah's Vanishing New York, the store as we know it is set to close on or around February 10th — so you can wait until all of the holiday tourists clear off of Broadway.
Earlier this year, the home goods store that's stuffed with Chinese goods like straw mats and paper lamps at super-low price points said it would leave the 30,000 square feet it occupies at 477 Broadway at the end of the year because signing a new lease would be committing to a monthly rent that's upwards of $500,000 — more than five times what they pay right now. Pearl River is used to being on the move: this is its third home since its inception in 1971.
"When we moved here 12 years ago, there was nobody around," company president Ching Yeh Chen said when news of the move first broke in April. "We were trying to build a bridge by opening a store between the east and the west, and we feel maybe the mission is accomplished."
But even after the mid-February closure, Pearl River Mart isn't done for good: In addition to maintaining e-commerce, the company is looking for a new store space in the city. Last we heard, taking a smaller footprint at 477 Broadway might be an option, as was an address south of Canal Street, where rents are more favorable.