Abercrombie & Fitch, Ann Taylor, Ascena Retail Group, Athleta, Banana Republic, Bon-Ton, Catherines, Charming Charlie, Crocs, Dress Barn, fahion, fashion, Foot Locker, Gap, Gap (the namesake banner), Guess, Gymboree, Intermix, Lane Bryant, Last Call by Neiman Marcus, Loft, Lord & Taylor, Macy's, Maurices, Michael Kors, Old Navy, retail, The Children's Place, Weddington Way
June 7, 2018
by Daphne Sorenson
Shopping habits have radically changed in the past 20 years. Online shopping is a trend that’s not only here to stay, it’s growing. And many retail companies that rely on brick-and-mortar stores for most of their sales have seen their business suffer as a result. The fashion retail business has been hit especially hard. Business Insider recently published a list of retailers that will close the most stores in 2018, and half of the companies on the list are retailers whose core business is fashion.
Trying on clothes and accessories in person and being able to bring home those purchases immediately may seem like the main reasons why people would want to do their fashion shopping in a brick-and-mortar store. But the reality is that many customers have been increasingly turned off by shopping in stores, for various reasons such as lousy customer service and the inconvenience of having to travel to a brick-and-mortar store. With many online retailers offering deep discounts, free shipping and convenient return policies, it’s easy to see why online shopping has become so attractive to consumers.
Here are the fashion retail companies that are facing the most closures in 2018, according to Business Insider and other sources.
1. Ascena Retail Group (Parent company of Ann Taylor, Loft, Lane Bryant, Dress Barn, Catherines and Maurices)
Number of stores expected to close: 667
2. Gap Inc. (Parent company of Gap, Banana Republic, Old Navy, Intermix, Weddington Way and Athleta)
Number of stores expected to close: 200
3. The Children’s Place
Number of stores expected to close: 144
5. Signet Jewelers (Parent company of Sterling Jewelers, Kay Jewelers, Jared and Zales)
Number of stores expected to close: 120
6. Foot Locker
Number of stores expected to close: 110
7. Gymboree
Number of stores expected to close: 102
8. Payless ShoeSource
Number of stores expected to close: 100
9. Abercrombie & Fitch (Parent company of Abercrombie & Fitch, Abercrombie Kids and Hollister Co.)
Number of stores expected to close: 60
10. Michael Kors
Number of stores expected to close: 50
11. Crocs
Number of stores expected to close: 49
12. Bon-Ton
Number of stores expected to close: 42
13. Guess
Number of stores expected to close: 45
14. Henri Bendel
Number of stores expected to close: 23
15. J. Crew (tie)
Number of stores expected to close: 20
15. Victoria’s Secret (tie)
Number of stores expected to close: 20