We visited Ralph Lauren's flagship Polo store hours after the company said it would close and saw why the brand is failing

Ralph Lauren is closing its flagship Polo store in New York in less than two weeks.

The Fifth Avenue location will be one of dozens of stores that the company will shutter in an effort to cut costs and improve efficiency.

In the last quarter, same-store sales declined 5% compared to the same period a year before.

The brand is struggling to connect with millennials, stay relevant, and keep up with fast-fashion brands like H&M, Uniqlo, and Zara.

We visited Ralph Lauren's Polo store on Fifth Avenue the same day the company announced it would close. The store was full of unfashionable clothes and lacked shoppers, despite being located on one of the busiest streets in New York. Take a look inside: