Victoria’s Secret & Co. (Columbus, Ohio) is planning to debut three “test” locations by this fall. It’s dubbing the concept “store of the future” and is planning to rollout another 10 test locations by 2022, reports CNBC. One of the new stores is reportedly in an “off-mall” strip center, which is a new move for the brand.
“We can take advantage of the traffic that’s in those clearance and off-mall locations … It’s about a flexible environment where we can move merchandise around – based on what’s selling best and selling less,” says Martin Waters, CEO, Victoria’s Secret, reports CNBC.
The company has been working on paring down its store count over the years to focus on higher performing locations. Currently, the retailer has roughly 26 percent of its fleet in A-rated malls, 37 percent in B-rated malls and 13 percent in C-rated malls. Another 24 percent are reportedly located in other property types. In 2018, the brand had 1143 locations and today it operates 867.