Smart Set to Close All 107 Stores
This year has been a rough one for Canadian womenswear retailers. Montreal-based retailer Jacob announced their official closure in October after being given a second chance in August, Costa Blanca closed their doors in May and Le Chateau could be in trouble after their sales dropped almost 10% in their second quarter this fiscal year. We can now add Smart Set to the list of Canadian retailers struggling to keep up with Canada’s expanding retail landscape.
Today, Reitmans Canada Limited announced that they will be shutting down their Smart Set chain of stores. “Despite some improvements in the performance of the Smart Set banner, management has determined that its optimum strategy to improve its operating results is to refocus its sales and merchandising efforts,” a press release issued by the company stated. Currently, there are a total of 107 Smart Set locations. Of those locations, 31 one them will be closing for good and the other 76 will be converted into other Reitmans Canada Limited operated stores – Penningtons, Addition-Elle, Thyme Maternity or RW & Co. Reitmans stated that the Smart Set banner only represented about 10% of annual sales of the company, approximately $96 million for the 12 months ended in February 1st, 2014.