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I was walking down seventh avenue the other day and noticed there was construction being done on the sidewalk. It initially looked like they were just repaving the cracked sidewalk, but then I realized they were paving over the fashion walk of fame. For those of you who don’t know, which I assume is many of you, there used to be little stones with different impactful fashion designers on them with a little story. They called it the fashion walk of fame, like the Hollywood walk of fame, and that is exactly what it was. You could have walked across them a million times and never realized they were there, they blended in and became part of the city’s foundation.
At first when I saw this I was surprised. Why would they be taking these out? It probably cost them more to take them out than if they just let them be. But then I realized, the whole industry is getting a revamp. With the news of Barneys being officially sold to Authentic Brands Group in October, the closure of Henri Bendel last January, the immediate shut down of Zac Posen in November and the bankruptcy of Forever 21, it seems like everything we know of the industry, especially in New York, is going to be gone soon.
Quick recap on the most recent news; Barneys has officially been sold to Authentic Brands Group who owns Juicy Couture, Nine West and Frye to name a few. They also own a big part of Sports Illustrated. The future of Barney’s isn’t fully clear, but ABG is going to license the name to other companies, like Saks Fifth Avenue and sell all the merchandise in their remaining stores and warehouses. They are currently clearing out their stores, with online and in store sales. If you’re looking to splurge on some designer items, go check it out and see if your size is still in stock! Their online sale ends in 8 days!
Zac Posen also announced early November that he is immediately closing all of his brands. He stated he had been looking for a buyer, but nothing worked out and last minute they needed to close everything. An iconic, and my personal favorite, designer now left to start a new chapter. And lastly, everyone’s favorite store, Forever 21 filed for Bankruptcy. There is still a lot to look our for from them, nothing is fully clear, but they did start to close stores across the world.
From closure and destruction comes a rebirth. That is what the industry is going through. Consumers are changing and the industry is being forced to change with it. What has worked the past 30 years is no longer working, and brands are having to be really innovative with their strategy if they want to stay afloat.
Also, sustainability is becoming more and more of a mainstream idea. Forever 21 is one of the biggest players in the fast fashion segment of the industry, and their environmental impact is hugely negative. Their bankruptcy is signaling that consumers are putting more thought in the effect of their purchases.
This is an exciting time. It allows new companies and ideas to grow and prosper, that are able to fill the holes and improve on these older brands that are no longer successful. I am excited to see where the industry is going to go. Retail isn’t dying, people. It’s going through a transformation.
What do you think about the changes? Where do you think the industry is headed?
xoxo Gabriela
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