NEW YORK — Ralph Lauren is planning to give Manhattan another big design statement next year.

Polo Ralph Lauren Corp. will open a second flagship here, at 888 Madison Avenue on the corner of East 72nd Street and across the street from his store at the iconic Rhinelander mansion. The new store will house his women’s and home collections. It will take over the space once dedicated to Polo Sport and which, in recent years, has become a lifestyle boutique, offering a mix of merchandise from RLX, Blue Label, and men’s and women’s Collection.

The company plans to completely gut and rebuild the current space, as it is replacing the two-story structure with a four-story building. The new flagship will take inspirations from the Rhinelander mansion as well as The Duke and Frick mansions, and sit comfortably among the neighboring Beaux Arts town houses on East 72nd Street, with features such as a limestone-clad facade.

The store is slated to open in fall 2009.

For complete coverage, see Monday’s issue of WWD.