Abercrombie & Fitch, the lifestyle retailer from America, is set to shrink its footprint!
The brand is keen to get the right store in the right location at the right size and endorsing the thoughts, Scott Lipesky, CFO, Abercrombie & Fitch, said “We are willing to walk away from any mall at this point.”
Fran Horowitz, who is the CEO at the company, said that adjusting the stores’ footprint would remain her topmost priority in 2020.
Notably, by the end of 2019 Abercrombie & Fitch as well as its sister brand Hollister had 677 stores all over USA.
Abercrombie & Fitch, which has shut down 500 stores in last 10 years, has nearly half of its leases for the US come up for renewal.
Scott said “Abercrombie is one of the few retailers, which has the will and the ability to invest in its shops, as the brands conduct remodels on dozens of locations across its store network.”
For now, e-commerce improvements have let Abercrombie expand online sales to around 30 per cent of its business, thereby making it less dependant on malls.
Moreover, the retailer is out to close flagship stores and large locations that are on tourist shopping streets. It had 19 flagships across the globe last year, which it plans to shrink to 12 by the end of 2020.