01.09.17
There's less of Les Wexner's retail operation. The Limited closed its doors, well its physical doors anyway, last week. Over the weekend, The Limited closed the last of its 130 brick-and-mortar stores, but company executives say the retail business will live on, online. The Limited is the cornerstone of L Brands, owner of Bath & Body Works, Victoria's Secret and other personal and beauty care businesses.
It's been a tough week for retailers. Macy's just annouced tha it's cutting 10,100 jobs by closing 63 stores and restructuring headquarters. During the summer, Macy's promised 100 total store closings in 2017, so more will surely follow.
This news follows similar closing annoucements by Sears Holdings. Industry analysts such as Pam Danziger say the industry is finally making tough choices—but she warns it may be too late for many stores. According to Green Street Advisors, there are some 60 US malls on the brink of closing and the news from Macy’s could spell the end for most of them.
But Danziger rightly warns that more malls could be on the brink of extinction—perhaps as many as 80.
But Danziger rightly warns that more malls could be on the brink of extinction—perhaps as many as 80.
