Karen Murray has big plans for Fivestory, a popular women’s fashion boutique with locations in New York and Palm Beach.
The longtime fashion industry executive, who opened her first store on Madison Avenue in New York City in 2020, plans to close the 4,500-square-foot location at the end of this month to focus on growing her Palm Beach clientele.
Murray operates a 2,500-square-foot location at 201 Royal Poinciana Way. The store, which opened in November 2021, is the part-time Palm Beach resident’s third. She also runs a seasonal Fivestory location in Southampton, New York.
All three stores sell a mix of pieces from current designers and vintage brands plus shoes, handbags, jewelry and home items.
“I want to grow my customer base,” Murray told the Daily News of her expansion plans. “I want to get to know my clients better. These women have become not just shoppers and clients. They’ve become friends.”
Murray said she is looking to add another Fivestory location, potentially in West Palm Beach or further south, where some of her customers live.
The new space would be expected to draw more of a year-round crowd than in Palm Beach, which still gets “soft” in the summer, she said.
“I want to find something that’s not on the island,” she said. “Maybe it’s in West Palm Beach that’s a bit more year-round. That’s what I’m looking to do. Maybe it’s other parts of Florida as well. But I really have to study it. I have to talk to my customers more. Some of my customers live in Boca. Some of them live in Miami. I really have to figure out what the right, next bigger space is for me.”
Though Murray is uncertain where she’ll open her next store, she plans to keep her Palm Beach store.
“I look at the Palm Beach business as something I’ve always dreamed about,” she said. “Women really dress up there. They rely on me. There are so many galas, luncheons and parties — just so much happening that women have to dress up for, and they do. It’s just become really interesting, dynamic and fun. I’ve experimented more with fashion than normal. I find the women in Palm Beach very loyal and very dedicated, and they love to dress. That’s always something I’ve wanted for my store.”
For the past four months, Murray has had an additional opportunity to dress her Palm Beach customers through a collaboration with the Brazilian Court Hotel.
In February, the historic hotel at 301 Australian Ave. opened “Casa by Brazilian Court,” an “experiential luxury retail space,” according to its website.
Fivestory is the first retailer to be featured in the space, and Murray said the collaboration has been a “win-win” so far for her business, the hotel and its guests.
“I have staples that I keep in the hotel for women that are staying there and don’t necessarily want to go shopping, but they want something new and fresh,” she said. “I have jewelry there. I have fun costume jewelry, I have beach coverups. My brands are there, and brands like Missoni are there as well. The hotel customer can easily shop at a Fivestory in the hotel, and if they want a bigger selection, we tell them to come over to the flagship store on Royal Poinciana.”
Murray said she plans to consider additional partnerships such as the one with the Brazilian Court. She may also conduct occasional trunk shows on the island to help build her customer base there.
“I see my future in Palm Beach,” she said. “I see more growth in Palm Beach. My customers are in Palm Beach. They’re not shopping me as often in New York City. I thought maybe they would, but they’re not. We have walk-ins, and I meet new customers all the time. But it’s not enough for me to pack my bags, move to the city for a few months, and then come back down. I need to focus where my growth and my opportunities are, and for me, that’s Florida.”
Jodie Wagner is a journalist at the Palm Beach Daily News, part of the USA TODAY Florida Network. You can reach her at jwagner@pbdailynews.com. Help support our journalism. Subscribe today.