The good with the bad: store closings

As much as I'd like to think the country is easing itself out of the recession, there are signs every day that the retail industry at least still has a long way to go. Case in point: store closings are still happening.

They'll have the full story tomorrow, but WWD briefly reported today that 5th Avenue's Takashimaya is closing [subscription required]. The New York store was not nearly as big or as designer-heavy as its namesake department stores in Japan, but it was a great destination for unique gifts and especially for flowers. The silver lining in the cloud is that I'm assuming there will be a store-closing sale; as soon as I hear anything, I will of course post it.

Chicago's Jake boutique is also closing [subscription required], either by the end of this month or the beginning of next month. Jake used to be one of my favorite places to shop when I went home to Chicago, and they also had a great website; however as soon as the economy started to tank, the mini-chain had problems paying its bills, and a group of 28 designers, including Phillip Lim and Chris Benz, sued Jake for $516,000 in back receipts. After being sold to a group of silent investors, Jake soldiered on with lower-priced designers, but the magic was gone and the clients never returned. Also, there's something to be said for Karma. Jake's website never rebounded; for my Chicago readers, I'm assuming the remaining store on North Rush is having a closing sale, but I can neither confirm nor deny this.

Finally, after several months of rumors, American Eagle announced earlier this month that its Martin + Osa stores are closing [subscription required]. The chain was aimed at an older, twenty- and thirty-something audience, and while I found it to be great for casual and weekend pieces, it failed to address what young people really need: work clothes. According to WWD, most of the chain's 28 stores are expected to shutter by the end of the second quarter (July, in other words), but the website has already started discounting. Sale items--and there are a lot of them--are currently an extra 20% off, and if you're on Martin + Osa's mailing list, you know they frequently send out promo codes for additional discounts. I, of course, will report more about the sales as they progress. In the meantime, I ordered these skinny cargo pants, which I am really excited about; they're due to arrive tomorrow. Martin + Osa closing will definitely leave a void in the market--MW is especially bummed about the news--but there's always Madewell.

1 comment

Leads Generation said...

It seems that recession is hitting every single businesses very badly. Its the time other business shall think about cutting their costs instead of closing their businesses. Its a shame that such a good business is closing down :(. But what can we say we have have seen so many businesses doing down.