Unfortunately, I think we can all agree that the era of the "mall clothing store" is slowly coming to an end. Since the beginning of 2017, we've seen hundreds of BCBGs and Abercrombies being closed nationwide, while chains like Wet Seal have been wiped off the map completely. Now, it seems like J. Crew might be the next brand to bite the dust. Just recently, 250 employees were laid off from J. Crew's parent company. Bloomberg has reported declining sales for over 11 fiscal quarters as well, leading executives to shut down 20 stores across the country in an effort to ease costs. What's to blame for this shift in the market? A lot of experts say it's the rise of online retailers.
CEO Jim Brett's strategy to help revitalize the brand involves bringing "stronger value" and "evolving pricing architecture to align with customer expectations," so more affordable clothes, hopefully? J. Crew is also trying to extend its reach wherever it can, selling merchandise online and in stores with companies like Nordstrom.
J. Crew Seersucker Jumpsuit ($98 at Nordstrom)
While it's not looking good for J. Crew, their sister store, Madewell, is actually doing quite well, according to Cosmopolitan. The brand reported a sales increase of around 17 percent and is planning on opening 10 new stores. I say good on them, Madewell has cuter things anyway!
