Although the US has enjoyed solid economic growth this year, the retail industry continues to struggle. More retailers have closed so far this year than in 2018, according to Coresight Research — 7,000 stores are set to shut down, versus 6,000 in all of last year.
The latest to fall — women’s clothing chain Dressbarn, which announced this week that it’s closing all 650 of its stores. The money-losing business, launched in Stamford, Connecticut, in 1962, had lost customers, sales and market-share after owner Ascena Retail Group failed to invest in the brand, one analyst said.
Ascena, which also owns Ann Taylor and Lane Bryant, said it wants to focus on its more profitable brands. Dressbarn lost out to rivals by failing to cater to younger shoppers or families, with rivals such as Target and H&M winning over customers, GlobalData Retail analyst Neil Saunders wrote in a research note… CBS News