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.
Fourteen percent of the US retail market is coming up for lease renewals this year, furthering a trend towards shorter length leases, reports CNBC, as retailers struggle to fill vacant spaces.
Retailers are thinking carefully about their store networks and looking to exit enclosed shopping malls.
VF Corp is among the companies that has said its leases are getting shorter, especially coming out of the pandemic. Its average lease term now is four years. Traditionally, retailers signed 10 or 20-year leases when opening new stores.
While shorter leases give stores more leverage, mall owners may increase rates in a few years. David Simon, chief executive of Simon Property Group, told analysts in February that “I’d rather negotiate two or three years from now.”
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.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.