J.Crew Group Inc., an omni-channel retailer of women’s, men’s and children’s apparels, shoes and accessories, is reportedly planning to shut down its 21 years old SoHo flagship located at 99 Prince Street in New York, USA. However, it will continue to operate its men’s store in SoHo.
The decision has been taken in view of the declining sales in the recently concluded third quarter. During the quarter, J.Crew reported a 12 per cent decrease in its retail sales to US $ 430.4 million. In the corresponding period last year, the fashion brand reported 9 per cent drop in sales.
Contrary to its rivals such as GAP and Abercrombie & Fitch to name a few, J.Crew noted a disappointing third quarter. These retailers noted improvements in their respective businesses during the quarter.
Apart from the SoHo (men’s) flagship, 6 full in-line stores and 13 brick and mortar stores in New York will continue to operate; however, the brand has decided not to reinvest in another full in-line flagship in SoHo.
Currently, the company operates 269 J.Crew retail stores, 121 Madewell stores, jcrew.com, jcrewfactory.com, the J.Crew catalogue, madewell.com, and 182 factory stores globally.
According to Jim Brett, Chief Executive Officer of J.Crew, these strategies would help the company to come back to the profit-making track.
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