Zara is set to be closing 1000 to 1200 stores worldwide due to lower performance in 2020 and plans to focus on online selling, according to Fashion Network. The company is preparing to invest close to $1 billion dollars into its online shopping. Currently, the company operates 7,400 stores and its sales are down 44%.
Guess is closing 140 stores in USA.
The Children’s place will close 300 out of 920 stores.
Victoria’s Secret, JC Penney are also set to close their companies.
Forever 21 is set to close as many as 178 stores.
More closures are expected according to Fast Company. And with stores closing, the malls will struggle, which will result in mall closures in the near future.
by Sarah Brooks
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