The Reaper at Retails Door
As fashion consignment retailers like farfetched successfully reach their IPO and The Real Real continues to rise in share price (hint, invest NOW via Robinhood) on the stock market, traditional retail brands find themselves struggling to maintain their store fronts and business names, with forever 21 being among the first names to not only file their chapter 11 bankruptcy in an attempt to consolidate debts and repay creditors. The news not too long after followed that the closing was inevitable as they are currently closing over 178 stores both domestically as well as internationally in places like Europe and Asia (via Bloomberg business) subtracting from their original total of 800 storefronts around the world. As E-commerce continues to expand past expectations with a projection to claim an estimated 25% of the luxury retail market.
Classically known names like Barneys also have found them selves not only near the heat but in the fire as well as Barneys New York filed for chapter 11 bankruptcy just this past August while closing 15 of its 22 total store fronts.
Current trends like this are anything but scarce as the reper of retail continues to make its rounds through-out brick and mortar spaces while taking down some of fashions most loved names. Showcasing the immense change in the industry as well as the immense change in society. Victoria Secret, Macys, GAP, Banana Republic, and Old Navy are also brands struggling and cutting size as GAP announced the strategic downsizing of closing 200 stores of the next 2 years, and power house Victoria Secret canceling their traditional fashion show for the first time since 1994!