At one time or another, you have probably walked into a Victoria's Secret store and wondered what body type they are actually trying to appeal to. Their lingerie has drawn in so many different women over the years, but as many new start-ups arise that offer a much better fit, their customers have been jumping ship. The outcome of profits lost is leading the retail giant to close 53 stores this year.
Wow. Just wow.
Both Victoria's Secret and it's brand for their younger demographic, PINK have struggled in an economy that's doing better, where other retailers like Walmart and Best Buy are thriving. They found that sales from stores that have been open at least a year have fallen 7% during Victoria's Secret's most recent quarter. These reportings have been shared by their parent company, L Brands.
A lot of this has to do with the simple fact that women are changing. What we want is evolving. How we shop is shifting. And more than anything we want brands that are inclusive, which Victoria's Secret hasn't been. We live in a society where we want to buy clothes for the every women, instead of being sued by advertising heavily focused on celebrities, models and lingerie that doesn't really work for everyday life.
Over the past two years, the company has lost 3.8 million customers and already closed 30 mall locations to help make a difference in profits with no avail.
So what do they plan to do to turn things around? L Brands CEO, Stuart Burgdoefer, shares that they are finally looking to take a truly fresh look at everything. As a whole, the company has not ruled out the idea of ending their iconic fashion show or using more inclusive marketing either. However, there is fear from industry business analysts that since the brand has been around for so long and that so many people identify it in a very specific way, pivoting the way that they market their products and do business could be detrimental, too.
As of right now, Victoria's Secret still has more than 950 stores in the United States, so you will still be able to get your hands on a push-up bra whenever need be.