Victoria’s Secret Will Be Closing 53 Stores Across North America
Over the years, Victoria’s Secret has seen a decline in popularity, with publishers like Forbes declaring that it’s “lost its sexy.”
Like many other struggling retailers, one of Victoria’s Secret’s problem is its inability to keep up with competitors.
Known for its “Angels,” the lingerie retailer seems to have fallen behind in the times. Real body movements overshadow the unattainable and once-aspirational body types Victoria’s Secret pushes, and retailers like Aerie, that focus on inclusivity, are championing the market.
Industry experts say that Victoria’s Secret choice to ignore lingerie and consumer trends will only lead business further into decline. Victoria’s Secret has seen a drop in sales since 2016.
While the lingerie brand struggles, L Brands as a whole isn’t doing so bad.
Last year, L Brands saw mixed performances with growth driven by Bath & Body Works. However, the company states that its “forecast was more than offset by a decline at Victoria’s Secret.”
For 2019, L Brands plans to focus on improving the Victoria’s Secret business. Two new CEOs at Victoria’s Secret and Pink will work on building better relationships with shoppers, improving product assortment, and bettering in-store and online experiences.
In addition, Victoria’s Secret will be closing 53 stores across North America, up from 30 stores closed last year. As of right now, no exact location of store closures has been revealed, but we’ll keep you updated as news progresses.
Featured image: Mall of America
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