RETAIL
The Year in Retail
In 2019, prominent businesses experienced big reversals, scores of bricks-and-mortar stores closed, licensing companies acquired high-flying brands, and several companies declared IPOs. In order to look forward to the new year, here’s a recap of the top retail stories of 2019 and how they helped shape the apparel industry.
JANUARY
The National Retail Federation trade group announces a forecast that U.S. retail sales would increase between 3.8 percent and 4.4 percent to more than $3.8 trillion in 2019, despite turbulence from the ongoing U.S.-China trade war.
Guess? Inc. Chief Executive Officer Victor Herrero leaves the Los Angeles–headquartered denim and lifestyle company. He is replaced by Carlos Alberini, who had left the company in 2010 to helm Restoration Hardware and Lucky Brand Inc.
FEBRUARY
San Diego–headquartered Charlotte Russe announces its Chapter 11 bankruptcy filing and intention to shutter its 94 stores. In April, YM Inc. acquires the troubled retailer and reopens some Charlotte Russe stores. According to its website, www.charlotterusse.com, it currently runs 21 stores in the U.S.
Gap Inc. announces its division into two independent, publicly traded companies. One of the companies centers on its Old Navy brand. The other company comprises its Gap, Banana Republic, Athleta, Hill City and Intermix brands. In September, Old Navy announces the opening of 800 stores. Old Navy CEO Sonia Syngal says the upcoming shops will be built in small and underserved markets.
MARCH
Levi Strauss & Co. makes an initial public offering after not being on the public market for 34 years. Listed on the New York Stock Exchange as LEVI, the stock is forecasted to sell at $14 to $16 per share but reaches $17 per share during the first night of sales, according to media reports.
The Global Icons licensing agency acquires a majority stake in Fred Segal. The agency says that it will strengthen Fred Segal’s licensing business and help it open stores in new markets.
The One Paseo retail center makes its debut in Del Mar, Calif.
APRIL
Macy’s Inc. rolls out the experiential Story concept stores in 36 of its locations including those at South Coast Plaza, Fashion Island, Union Square and Westfield Valley Fair in California.
Three Dots closes its doors after 24 years in business. In June, it is acquired by FAM Brands LLC.
Volcom sells to brand-management company Authentic Brands Group for an undisclosed amount.
MAY
Groundbreaking is held for the Runway Playa Vista retail center near Los Angeles International Airport. Developer DJM Capital Partners, Inc. plans to spend $9.1 million to redevelop the one-acre mixed-use retail center.
Max Azria, founder of influential brand BCBGMaxAzria, passes away at age 70 from lung cancer.
VF Corp. announces its completion of the separation spun off its denim brands and creates a new publicly traded company named Kontoor Brands, Inc., based in Greensboro, N.C. The new company’s brands include Wrangler, Lee and Rock & Republic, which was founded in Los Angeles.
Dressbarn announces the closure of all of its 650 stores.
Pocket Square Clothing, a downtown Los Angeles suiting brand that also offers accessories to complement its apparel, announces its acquisition of a small manufacturer, California Top Hand, for an undisclosed sum.
JUNE
E-commerce emporium Revolve produces a $212-million IPO, according to media reports. The Cerritos, Calif., company is traded on the NYSE under the symbol RVLV.
San Francisco–headquartered The Real Real Inc. raises $300 million in an IPO. The luxe consignment retailer is traded on the NYSE under the symbol REAL.
Suzanne Silverstein is named president of 7 For All Mankind.
JULY
Influential West Hollywood, Calif., retailer LASC announces it will close its doors after a 36-year run.
Fast Retailing, the parent corporation of Uniqlo, opens the Fast Retailing Jeans Innovation Center in Gardena, Calif. The center aims to eliminate water use from denim production.
AUGUST
The Hollywood & Highland retail center is sold by the CIM Group to real-estate developers DJM and Gaw Capital USA. A renovation of the mall will start in 2020.
LF Stores, based in Los Angeles, announces it will close its 26 bricks-and-mortar stores and sell its clothes only on the digital channel www.lfstores.com.
Steve Madden acquires the BB Dakota brand for an undisclosed amount.
Vuori, headquartered in Encinitas, Calif., receives $45 million in growth equity from investment firm Norwest Venture Partners.
Avenue Stores announces Chapter 11 bankruptcy and its intention to close a fleet of 222 bricks-and-mortar stores.
Pioneering boutique retailer Ron Robinson informs vendors that he will close his two bricks-and-mortar Ron Robinson boutiques in the Los Angeles area.
SEPTEMBER
Devin Wenig, eBay’s CEO, resigns, citing differences with the e-marketplace’s board. Scott Schenkel currently serves as the interim CEO.
Vans announces a $1-million donation to Imagination.org.
Forever 21 files for Chapter 11 bankruptcy protection.
OCTOBER
Gov. Gavin Newsom signs a law banning the sale and distribution of fur in California. Exempted from the ban are leather, cowhide and shearling; taxidermy; and fur products used for religious purposes.
Z Supply LLC announces the appointment of Mandy Fry as president.
The 2nd & PCH retail center debuts in Long Beach, Calif.
NOVEMBER
Hurley International is acquired by brand-management company Bluestar Alliance for an undisclosed amount.
The Paseo Nuevo retail center in Santa Barbara, Calif., unveils the first phase of a $20-million remodel.
Cute Booty Lounge opens its first bricks-and-mortar store at the Westfield Topanga retail center in Los Angeles’ Canoga Park section.
Art Peck steps down from his roles as CEO and president of Gap Inc.
DECEMBER
The UCLA Anderson School of Management raises its 2020 forecast for the U.S. and California economies from 1 percent real growth to 1.7 percent due to low unemployment and high consumer confidence and spending.
