PAUL & JOE GOES: The Paul & Joe boutique at 2 Bond Street in New York shuttered its doors Sunday after a year and a half in business. Over the weekend, women’s and men’s merchandise was being cleared out at 75 percent off. "It’s just not the right location for a flagship. It’s a destination block. There’s not a lot of foot traffic down here," said a store spokesman. He added the 1,800-square-foot store was too large, and it hopes to relocate within the year to a different space in SoHo or the West Village. Based in Paris, Paul & Joe operates over 20 stores worldwide, mostly in Japan.

A&G ON TARGET: A&G Group Ltd., the company that controls the Asprey and Garrard brands, said sales in the fiscal year ended March 31, 2002, dipped 23 percent to $54 million from $70 million, due to a difficult trading environment and the results of restructuring. Gianluca Brozzetti, chief executive of A&G Group, said in a statement Friday that sales for fiscal 2003 are in line with projections so far. "We are satisfied with our trading during this very difficult market environment for luxury products. This is even more encouraging because we are at a very early stage of our takeover of the brands, we are trading from smaller temporary stores for Asprey in London and New York, and Garrard’s flagship did not open until September." As reported, Garrard opened a 5,000-square-foot unit on London’s Albemarle Street last year. Asprey’s first two stores will open simultaneously in London and Manhattan nextfall.

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