Victoria's Secret

Victoria's Secret to Close 250 Stores

Reeling fashion retailer to shutter quarter of locations

Victoria's Secret, the iconic lingerie brand, is set to close 250 of its locations, representing a quarter of its total stores. The news comes as the company struggles with declining sales and a changing retail landscape.

The closures will affect Victoria's Secret stores in the United States, Canada, and the United Kingdom. The company has not yet released a list of which stores will be closed, but it is expected that underperforming locations will be targeted.

Victoria's Secret has been facing challenges in recent years as consumer preferences have shifted away from traditional lingerie. The company has also been criticized for its lack of inclusivity and its outdated marketing campaigns.

Financial Struggles

Victoria's Secret has been struggling financially in recent years. In 2020, the company's sales declined by 8%. In 2021, sales declined by a further 3%. The company has also been losing market share to competitors such as Aerie and ThirdLove.

The store closures are part of a plan by Victoria's Secret to reduce costs and improve profitability. The company is also focusing on its online business, which has been growing in recent years.

Changing Retail Landscape

The retail landscape has been changing rapidly in recent years, with the rise of e-commerce. This has led to a decline in foot traffic at brick-and-mortar stores.

Victoria's Secret is not the only retailer that is struggling. In recent years, several other major retailers have announced store closures, including Macy's, J.C. Penney, and Sears.

Outlook for the Future

The future of Victoria's Secret is uncertain. The company is facing significant challenges, but it is also taking steps to address them.

The store closures and the focus on online sales are both positive steps. However, the company will need to do more to attract customers and improve its financial performance.