The Woolworth Building is located in Manhattan's Tribeca area, bordered by Broadway to the east, Park Place to the north, and Barclay Street to the south. The 60-story structure is made up of a 30-story tower on a 30-story base. It was designed in the Georgian Revival style by William Frederick Walters and Richard Upjohn and built from 1891 to 1893. The building was originally known as the New York Store for W. & R. T. Woolen Company. The store was famous for its five-and-dime stores, which featured low prices on a wide selection of goods. By the early 20th century, though, the five-and-dime model had become outdated because it failed to take advantage of changing consumer tastes. In addition, the Woolworth company began to merge with other retail chains, such as F.W. Woolworth Company, which owned the Ben Franklin store chain. These mergers created competition where there used to be cooperation, reducing the incentive for price cutting. In addition, the new stores were often larger and offered more products at lower prices. They also opened later at night when people were shopping after work hours. All of these factors contributed to the demise of the five-and-dime store model. The last Woolworth store closed in 1973. Now, many years later, the building serves as office space.