Ralph Lauren's new luxury store in New York makes its home in a 22,000-square-foot upscale Madison Avenue mansion and boasts high-end items including a $159,000 diamond necklace, all likely to appeal to wealthy international tourists. Opening a high-profile flagship can be a money-losing proposition at the individual store level but reap overall rewards from the masses of average consumers who become inspired to buy the brand's more attainably priced department store lines.

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