6. Urban Outfitters
Year Established: 1970
Store Closures: TBD*
2020 saw a staggering 32% decline in Urban Outfitters’ stock during the first quarter. Since then, the store’s situation has only gotten worse, and a stock analyst on Barrons.com advised selling the stock in July 2020. Sales in-store have drastically decreased. In the second quarter of 2020, Urban Outfitters saw a 76% increase in new digital customers, indicating that the company has performed well in digital sales. Nevertheless, retail locations continued to underperform well into 2021, despite the fact that digital sales are still sales. Since its founding in 1970, Urban Outfitters has had a “trendy” niche in the retail industry. But to maintain survival and growth, a firm needs more than just a niche. There may be more difficult times to come.
6. Urban Outfitters
7. The Children’s Place
Year Established: 1969
Store Closures: 122 branches*
For more than 50 years, The Children’s Place has been a trusted destination for numerous parents and families; nonetheless, the business has seen challenging times. Profits had begun to decline even before 2020, thus it should come as no surprise when significant adjustments were announced in March 2021. In addition to the 178 locations that were shuttered in 2020, the firm determined that closing an additional 122 locations by the end of the year was the appropriate course of action. Although executives hope it will provide the company with what it needs to continue trading, it is a devastating blow to the workforce.
7. The Children’s Place
