We’ve been hearing a lot about the retail industry lately — in particular, how it’s being forced to adjust to new and changing consumer demands.
Shoppers are looking for bargains these days, and they'll go wherever they have to in order to find them. And these trends — the rise in budget-conscious shoppers, increase in online sales and increased competition in the discount retail space in general — are just a few of the factors forcing big companies to make some big changes — and for some, it means closing hundreds of stores across the country.
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But not all retailers are simply closing stores.
Outlet stores and outlet malls are becoming more popular again, thanks, in part, to the rising trend in bargain-hunting. But, according to the Consumerist, that's not the only reason department stores and clothing chains are putting more focus and effort into their outlet shops. They also want to bring in younger shoppers who may not be able to afford the store's full-price merchandise now, but could in the future, so the outlet store is a way to introduce them to the brand with items they can actually buy now — and keep sales up.
And that's exactly what women's clothing store New York & Company is doing — starting this year. The company recently announced it expects to make the following changes in 2016:
- – Open approximately 2 stores
- – Open 1 new outlet store
- – Remodel 5 locations
- – Convert 50 locations to new outlet stores
- – Close between 8 and 12 stores
With these changes, by sometime around the end of the year, New York & Company would have between 481 and 485 stores — including 133 outlet stores. The company also said that the outlet conversions are expected to take place during the first quarter of their fiscal year.
So next time you head to the regular mall, don’t be surprised when you see outlet stores starting to pop up inside!
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