Top Stories of 2025

IT’S BEEN A YEAR that was close to ending with a government shutdown. Consumers tightened their belts as they awaited escalating prices and rising healthcare costs. Retail organizations closed stores, sought financing, shut operations altogether and declared bankruptcies.

In short, another tough year in the retail business. And yet, a year that has seen some unexpected comebacks, new store openings, chain expansions and at least one retail logo kerfuffle that means consumers are still paying attention to the old verities.

Luxury Dimmed Its Lights

Why did we think Giorgio Armani would live forever? Maybe it was the tan. More likely, it was the extraordinary creativity and taste, fashioning the world’s first true 360-degree luxury designer brand. Those clothes! Those stores! In September, Italy’s “King Giorgio” died at the age of 91. His soft, unstructured lines, creamy fabrics and monotone palettes famously made their homes in the closets of Richard Gere, Michelle Pfeiffer and Pat Riley. They also dominated the fashion departments of Neiman Marcus, once the American arbiter of living elegant. So we must also pay tribute to Burt Tansky, who died the month before at 87. As Chief Executive at Neiman Marcus from 1994 to 2010, he understood that luxury apparel in those prosperous times was a matter of “want” rather than “need.” And so, Neiman Marcus (never Neiman’s) led the retail world in creating aspiration for the designs of Ralph Lauren, Calvin Klein, Valentino, Donna Karan and others. Armani and Neiman Marcus. Who can forget?

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Primo!

Milan, Italy. Flagship retail mecca for glamour: Armani, Prada, Gucci, Versace, Valentino – and Amazon? ¡Sí! The digital disruptor, noteworthy for its somewhat anti-bricks-and-mortar retail revolution, has opened its first Italian physical store. And it is specializing in beauty and personal care products as a nod to its new hometown. Of course, there are digital bells and electronic shelf label whistles, but this is a store about presentation and in-store experience and services. Like luxury stores in those fondly remembered pre-Amazon days.

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Claire Package

In late August, Claire’s Stores was in bankruptcy court – and not for the first time. The end, after 64 years, seemed near. A month later, though, an angel appeared. Private investment firm Ames Watson acquired the operation for $140 million, declaring it would keep the 800-plus Claire’s stores open. (There were still ears remaining to be pierced.) But beware of such angels. The last 25-plus years of the retail experience have been filled with investors who rescued troubled chains with an infusion of cash. But then came the tightening belts, the layoffs, the management changes, the incremental decline. Turns out, they were in it for the real estate, after all.

A Colonel of Hope

The QSR giant KFC Corp. is looking for a second chance, with a whole new marketing campaign, even pleading with customers to “try our chicken, tell us what you think and help co-create this comeback.” Col. Sanders is part of the new campaign, but not the jolly, winking chicken king of the past. This time around, he’s frowning at you. And serious! Or as KFC U.S. President Catherine Tan-Gillespie said, “The Colonel would not be happy about our market share, and we’re serious about reminding America exactly who we are . . . We won’t smile until our customers do.’ ” Also, the Colonel’s probably not happy about Yum! Brands moving headquarters from Louisville to Salt Lake City. Utah Fried Chicken? Doesn’t have the same zing.

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Is It Bath Time Again?

Ah, those big-box category killers. Gone to flowers, everyone. Certainly, Bed Bath & Beyond was heading for oblivion. We all know the pattern. Sales decrease. Debt mounts. Management changes. Private investors. Closing stores. Filing for bankruptcy – which BB&B did in 2023. Two years later, however, look who’s back. After bankruptcy, it turned to digital with a new partner, Overstock Inc., to form Beyond Inc. This summer, Beyond Inc. went into a venture with Kirkland’s called The Brandhouse Collective and opened its first Bed, Bath & Beyond Home store in Nashville. Oh, and the new store will honor old coupons, so begin digging into desk drawers for those five-year-old 20 percent offers that came in the mail.

Forever and Forever

It had been a great 20-year run for Forever 21. But nothing really lasts forever, even the post-teen fashion phenomenon that the retailer practically invented. So in March, for the second time in six years, Forever 21 filed for bankruptcy protection, listing liabilities in the billions of dollars, and liquidated all of its U.S. stores. For a few months, anyway. In September, the brand and its owner, Authentic Brands Group, announced plans to open new U.S. stores, teaming with a digital provider, wholesale brands and a children’s apparel manufacturer. Authentic Brands’ properties also include Aéropostale, Brooks Brothers, Champion, Eddie Bauer, Juicy Couture, Lucky Brand, Nautica and Nine West. The malls send their best wishes.

Woe, Canada!

The Hudson’s Bay Company finally ended its good fight. In April, the Canadian commercial giant closed the six remaining stores bearing its archaic, historic name. It began when Britain’s King Charles granted a charter to a group of investors to monopolize trade on the North American continent. But that was the prior King Charles and occurred in 1670 – 355 years ago! From trapping and trading beavers and otters, it became Canada’s traditional department store brand. And, as department stores in general and bricks-and-mortar retail in particular declined, Hudson’s Bay tried acquisition and expansion to stay in business. Finally, it has expired. But no worries, eh?

Tariff-Ying

A multitude of new international tariffs alarmed economists and bankers, shocked Wall Street and tumbled retirement plans. Some of the tariffs were mild, some approached 100 percent. Some came with exceptions. Some came and then were removed. And then came again. Some foreign countries chose appeasement, others retaliated in kind. U.S. retailers reeled, unable to plan for holiday seasons or product promotions or even keep shelves stocked. And as prices were almost certain to rise, they were concerned about the effect this was having on their shoppers’ pocketbooks, the uncertainties of their supply chains and the fallout from the likelihood of rising retail prices. Merry Christmas.

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Wrong Aid

In mid-October, former drugstore giant Rite Aid filled its last prescription. In May, the retailer filed its second bankruptcy petition in two years. There had followed a restructuring and a reduction of debt, but ultimately, Rite Aid failed to see beyond its pharmacy partition. The old Rx dominance had ended. Prescriptions are getting filled online (or at surviving chains like Walgreens and CVS) and the health insurance industry calls the shots now. Nearly a third of all drugstores in the country closed between 2010 and 2021. The 5000 stores in the Rite Aid chain 15 years ago were down to 89 stores. All those drive-up pharmacy windows are no longer on a lunch break. They’re shut for good.

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Roll Back the Barrel

Never forget the power of the masses. With prices rising and a looming government shut down, the people said, “Enough is enough!” In August, Cracker Barrel, the popular restaurant chain, unveiled a new logo. The shape was essentially the same. The colors, too, and the familiar stylized type font. But, uh-oh, where was the barrel? And the old-timer sittin’ in the wooden chair, leaning against the barrel, as he had for 56 years – since he’d been a young-timer. No! This goes too far! Cracker Barrel’s business and stock prices plummeted. Perhaps, with different signage, customers could no longer find the locations. Note: The original logo was quickly restored.