Some of our favorite department stores are losing business rapidly and we’re not sure what needs to be done to save them. J.C. Penney was once the cornerstone of mall success but, now it’s currently shutting down 140 of their stores.
Under Armour, Sears, K-mart, Gymboree and many more are also suffering from failing to attract customers also and are at risk of closing.
List of Stores
Abercrombie & Fitch
Ascena Retail Group (Ann Taylor, Loft, Dress Barn, Lane Bryant and more)
Sales are still lagging Macy’s despite the debut of Macy’s Backstage, pop-up shops that offer deeply discounted items. Still, reports say Macy’s has lost sight of what customers really want, allowing Amazon the opportunity to surpass the retailer as the largest supplier of apparel.
Ascena Retail Group — the women’s clothing retailer that owns Ann Taylor, Loft, Dress Barn, Lane Bryant, Justice, and more — is planning to close a large portion of its stores. At least 268 stores will close while the remaining 399 could go under if store rental negotiations fail, according to Clark.com. The business-casual retailers are struggling to attract customers as they combat increased competition from discount stores that sell similar clothing for less.
Luxury brand Michael Kors is another retailer struggling to attract customers. It blamed the 2017 profit loss on a difficult retail environment combined with a “product and store experience did not sufficiently engage and excite consumers.” The company views 2018 as a transition year where it will bring heightened focus on store experience and product innovation to support longevity in a bleak retail environment.