VICTORIA SECRET & L BRANDS - Ron Di Lalla - Realtor -

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Real Estate Agent with Century 21 Discovery DRE 01813824

L Brands will close 250 Victoria’s Secret and PINK stores in North America this year, the company revealed Wednesday in its quarterly earnings report.

The retailer, a mall staple that sells lingerie, womenswear, and beauty products with 1,070 stores in North America, suffered a 46% loss in sales in the first quarter of 2020 as stores closed due to the coronoavrius pandemic and demand took a significant dip as people sheltered in place.

The total number of closings represents less than 25 percent of Victoria’s Secret’s store footprint.

 

Columbus-based L Brands, meanwhile, plans to close 51 of its over 1,700 Bath & Body Works locations this year, though it also expects to open 55 new or remodeled stores. The brand’s first-quarter sales dipped 18%, but online business jumped 85%-- the surge driven largely by increased demand for hand soaps and sanitizers. The parent company said it intends to make Bath & Body Works “a pure-play public company,” while Victoria’s Secret is spun off into a standalone business.

 

L Brands hasn’t announced which locations will close. There are Victoria’s Secret/PINK stores at Crocker Park, Beachwood Place, SouthPark Mall, Great Northern Mall, Great Lakes Mall, and Summit Mall.

 

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Kathy Schowe
California Lifestyle Realty - La Quinta, CA
La Quinta, California 760-333-8886

Many retailers are closing during this time- some were struggling already with the advent of online shopping.  Our world is changing!  

Thank you for sharing!  Kathy

May 25, 2020 06:37 PM #1
Rainmaker
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Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

Victoria's Secret was "Big Time" not long ago, really amazing how things have changed! They where struggling with slowing sales for a while, long before the pandemic had hit.

May 26, 2020 12:22 AM #2
Rainer
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Joseph Doohan
Joseph Doohan - Las Vegas, NV
I offer business strategy advice for realtors

Thank you for taking the time to keep us posted and up to date. Wishing you a great day ahead! Take care.

May 26, 2020 01:57 AM #3
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Ronald DiLalla

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