Nothing is forever, everything is temporary. With that profound statement, we are not taking you on a philosophical journey. No, we’re just here to make a simple, worldly announcement. For different reasons, businesses make different decisions, and here are 5 companies that are closing down shops.
1) Gap
Do you remember when Gap Malaysia announced that it would be closing down all stores nationwide? That was part of Gap’s plan to close down 200 stores worldwide, announced in 2017. Now, Gap is taking it a step further by planning to shut down 230 of its namesake brand’s stores over the next two years. Also, Gap plans to close about 50 of its company-owned stores this year as well.
2) Victoria’s Secret
Sure, everyone may still enjoy the Victoria’s Secret fashion show, and it remains a dream for many models to be a VS angel, but business-wise, they’re not doing so great. With up-and-coming lingerie brands, VS finds it increasingly difficult to appeal to women with its “outdated” designs. Besides that, VS has also been criticised for lack of inclusivity. In USA, VS is planning to close 53 stores. So far, there’s no word on whether shops in Malaysia will be closed down.
3) Abercrombie & Fitch
What’s the first thing that pops into your head when Abercrombie & Fitch is mentioned? For those who thought of hunky, shirtless models first, raise your hand! In 2019, they plan to close up to 40 stores, after closing 29 stores last year. However, it’s not really due to bad business or anything like that; they’re working towards reducing the size of their stores, remodelling existing locations, and they also plan to open up additional stores in new locations as well!
4) Topshop
Topshop belongs to the Arcadia Group, and the group has filed for bankruptcy, forcing them to close down all Topshop stores in USA. As a British retailer, Topshop first made its debut in NYC in 2009, and it looks like their decade-long presence in USA is now over. The company’s chief executive Ian Grabiner said it was a “tough but necessary decision”, especially since more and more consumers are also switching from in-store to online shopping. Currently, there’s no word on the fate of Malaysian outlets yet.
5) Tesla
Tesla is closing down most of its stores! But it’s not due to a negative reason as well; they’re simply shifting all of their sales online. Of course, certain Tesla stores will remain to act as “galleries, showcases and Tesla information centres”, where customers can visit and learn about their products and purchase Tesla merchandise as well. Tesla had been opening up stores in malls across USA – more than 100 stores and showrooms nationwide, and others overseas. Now a Tesla is a click away!
