(NEW YORK, NY) — More storefronts will be heading to the retail graveyard. Victoria’s Secret has announced it will close 53 locations this year.
According to reports, the company lost around 3.8 million customers over the past two years to competitors like Amazon, Target, and Aerie.
But why is Victoria’s Secret hitting so many bumps in the road? Marketing trends in lingerie have changed. Dominating brands focus on inclusivity and comfortability while Victoria Secret sports celebrity models and push-up bras.
So, for Victoria Secret successfully turn around and join in the success of top competitors, the company must focus less on the model and more on the everyday woman. However, a shift in identity is easier said than done.
The company saw a difficult 2018. Not only did 30 storefronts close, but the annual December fashion show received its lowest rating ever.