Another wonderful New York destination, for me at least, is shutting up shop;  Takashimaya, the NY arm of the Japanese department store will close its doors and sell the Fifth Avenue building it resides in come June, according to a notice posted on the company’s website.

This is a jewel box of a store, diminutive and beautifully merchandised, from the floral arrangements it sells, to the Tea Box restaurant downstairs, and the pricey women’s clothes and jewelry. It’s a place I love to wander around and imagine shopping in, but sadly, could rarely bring myself to part with that much cash, which no doubt is one of the reasons it is going under.

The announcement to shutter the store, a Fifth Avenue destination since it opened in 1993, comes after the company’s plans to merge with another Japanese retailer H2O Retailing Corp. fell through. It’s no secret that a flailing global economy has hurt retailers and stunted expansion plans from the US to Japan and beyond, as sales drop and consumers  shun boutiques in favor of bigger, supposedly safer brands.

While Takashimaya’s online sales ceased earlier this month, the store will operate as normal pre-June, according to the website, though of course shoppers are already rubbing their hands with glee in anticipation of a fire sale. As much as I hate to see this store close, I will likely be one to take advantage of deep discounts, or at least to have tea one last time and ogle some of the city’s most glorious floral arrangements.

Takashimaya New York  is at 693 Fifth Ave., between East 54th and 55th Streets.