videoDepartment store channel is facing an existential crisis: Retail expert
Euromonitor International Head of Retailing Michelle Grant on the state of the retail sector.
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The British retailer was expected to begin liquidating inventory in 11 Topshop and Topman stores in the U.S. this weekend after announcing all locations in the nation will shutter their doors, the Wall Street Journal reported. Topshop opened its first U.S. store in New York City in 2009 and expanded to other cities including Los Angeles, Miami, Las Vegas, Houston and Chicago.
The company’s chief executive Ian Grabiner said in a statement Wednesday that the closings were a “tough but necessary decision.”
There’s been an “increasing switch from in-store to online shopping and an aggressive discounting environment as retailers compete for customers [and] high levels of product returns,” the company’s foreign representatives, Daniel Francis Butters and Ian Colin Wormleighton said, according to the Journal.
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Topshop was embroiled in controversy in October 2018 when its owner, Philip Green, was accused of sexual harassment, racial abuse and bullying. Beyonce cut ties with Green about a month later and said her clothing line, Ivy Park, will no longer be sold at Topshop.
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Payless ShoeSource announced it will close 2,300 stores by the end of June. Discount chain Fred’s said earlier this month that it will be closing more than 100 stores, while Dressbarn revealed it will be shutting down all its approximately 650 locations in a “wind down” of its retail operation.