Ralph Lauren will also move its current digital operation to a less expensive and more flexible digital platform.
"The decision will optimize our store portfolio in the NY area and allow us to focus on opportunities to pilot new and innovative customer experiences", she added.
A spokeswoman for Ralph Lauren did not immediately respond to CNBC's questions regarding whether the decision to close its Fifth Avenue flagship was related to a disruption in business because of its proximity to Trump Tower.
The company said that the goods from the Fifth Avenue store will be sold at other Ralph Lauren stores in NY.
Ralph Lauren (RL) announced plans on Tuesday to close its 35,000-square-foot flagship store on Fifth Avenue in Manhattan, just steps from the world's most expensive retail space.
The Polo store on Fifth Avenue is one of the company's most high-profile locations.More news: Priyanka Chopra's latest addiction has a Salman Khan connection
Gap and Macy's have also announced store closures in recent months, and on Monday, J.Crew announced that its longtime creative director Jenna Lyons would leave the company.
Tiffany said last month that sales in its NY flagship store declined 11 percent for the full year, including a 7 percent drop in the fourth quarter.
Ralph Lauren's shares declined 3.92 percent to $78.11 in morning tradiing.
"These are important actions we are taking to continue our evolution and deliver on the Way Forward commitments we made in June", says CFO Jane Nielsen.
The Polo Bar Restaurant, which is located around the corner from the store on 55th Street, will remain open, according to the company.
Ralph Lauren Corp. includes a stable of brands including Polo Ralph Lauren, Ralph Lauren Purple Label, Ralph Lauren Collection and Black Label, each incorporating an overarching sense of classic-yet-vogue fashion.