Tuesday, November 15, 2016

Don't gloss over this one key word in Kenneth Cole's store closure announcement

At first glance, this sounds like a story for my tymshft blog, since it appears to deal with trends toward online retailing. But read the opening of this Bloomberg story carefully:

Kenneth Cole Productions, a fashion house and shoe company founded more than three decades ago, is closing almost all its stores, effectively ending its run as a U.S. brick-and-mortar chain.

The New York-based retailer will shutter its 63 outlet stores over the next six months, Chief Executive Officer Marc Schneider said in an e-mail Friday.

So Kenneth Cole is closing 63 stores. Perhaps this quote, later in the article, will explain why.

“As we continue on our path of strengthening our global lifestyle brand, we look to expand our online and full-price retail footprint across the globe,” [Schneider] said.

Now it's clear. It isn't that Kenneth Cole is closing 63 stores. It's that Kenneth Cole is closing 63 OUTLET stores.

Big difference.
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