Victoria's Secret To Close Another 53 Stores This Year

Victoria’s Secret to close 53 stores	 	 	 			A general view of atmosphere of the Victoria's Secret
Victoria’s Secret to close 53 stores A general view of atmosphere of the Victoria's Secret

03 March, 2019

The parent company of Victoria's Secret announced it's closing 53 stores, but hasn't said where yet.

Overnight, subsequent to releasing its results, the company said it would close 53 stores in North America.

The brand has struggled in recent years - sales have slipped, and its provocative ads are being criticized by some as being tone-deaf in the era of #MeToo.

A drop in sales of 3 per cent over the Christmas period, combined with a fall of in-store sales by 7 per cent, meant shares in the parent company dropped by nearly 9 per cent this week.

Victoria's Secret isn't looking so hot.

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The company has taken several hits over the past couple of years, with almost 30 stores shut down in 2018, Business Insider reports. Perhaps with that in mind, Victoria's Secret has promised the return of its popular swimwear line online next month, which was originally discontinued in 2016.

L Brands's chief financial officer Stuart Burgdoerfer said in an earnings call Thursday that the impending closings were triggered by Victoria's Secret "not meeting our expectations". It has plunged more than 40% in the past year.

Victoria's Secret will be saying goodbye to 53 stores across the United States and Canada after a hard holiday season, according to NBC12.

Competition in the lingerie industry has increased in recent years.

Big retailers also threaten Victoria's Secret. Victoria's Secret square footage in North America is projected to decline by about 3%, it said. Lululemon and Walmart have also expanded their efforts in the space. "If they were going to pivot now, I don't think it would come off as authentic". The closure in the amount of stores is historically more than three times compared to the 15 shops it shuts annually on average.

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