The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The beloved discount department store will return to its iconic location in the Financial District in spring 2023, the company announced Tuesday, Mar. 17.
Owned and operated by the Gindi family in New York City, Century 21 opened its doors 60 years ago. At its height, the retailer had 13 stores across the Northeast. In the aftermath of the pandemic, the chain declared bankruptcy and was subsequently forced to liquidate. In the bankruptcy proceedings, however, the Gindi family bought back the intellectual property behind the company.
The Gindis tapped retail and events operator Legends to help with their reopening. Legends will oversee logistics, store operations, point-of-sale and IT systems in the Cortlandt Street store.
“In our 60 year history we have only closed our doors twice, once after the devastation of 9/11 and then again during the COVID-19 pandemic,” said co-chief executive Raymond Gindi in a statement. “But like the true New Yorkers we are, we have persevered. We could not be more excited to bring Century 21 back home, delivering the same products and value to customers.”
ADVERTISEMENT
Learn more:
From stalwarts like T.J. Maxx and Nordstrom Rack to venture-backed newcomers and online luxury resellers, a multitude of discount retailers are all vying for a piece of the growing off-price market, which will thrive amid the lingering global recession.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.