Love them or hate them, you can’t ignore them: Crocs. You know, those spongy, hole-filled shoes modeled after Dutch clogs.
This footwear fashion has made its way to the feet of millions of kids and their parents during the last 10 years.
But their ubiquitous popularity hasn’t stopped the brand from running into an all-too-familiar retail trouble — store closures.
Crocs store closures are part of a troubling trend
Crocs announced in a March 1 press release that the brand will be trimming some 160 stores from its 558-store portfolio by the end of 2018.
Incoming president and CEO Andrew Rees hints that this long and drawn out round of closures may just be the beginning.
“I think the one thing that we all know is that the retail environment globally is shifting very rapidly,” he said on a conference call with analysts.
“[This is] our current estimate of the stores that we need to exit. But, it’s something that we’re going to have to reevaluate on a constant basis. The consumer is shifting out of retail to eCommerce in this marketplace and many other marketplaces across the globe.”
The woes that Crocs is experiencing have become almost a rite of passage in the retail world — only this is the kind of passage that signals the end for once-respected brands.
Looking strictly at sellers of clothing and fashion, the Limited closed all of its nearly 250 stores across the country on January 8. Bankrupt clothing store Wet Seal has shut down all of its 171 stores. High-end women’s clothing chain BCBG is closing about 120 stores. And American Apparel is shuttering its 110 storefronts.
In the department store arena, Sears and Kmart are closing a combined 150 stores this year. JCPenney has announced it’s going to close 130 to 140 stores this year. And Macy’s will shutter 68 stores this year with about 30 more closures to come over the next few years.
More recently, word came down that 60 Abercrombie & Fitch stores are on the chopping block this year too.
And those are just the clothing stores that are getting the axe!
Ouch! It’s a tough time to be in retail.