With lagging sales and consumer demand for discounts, Michael Kors to close up to 125 of its full-price stores

Aaron Schrank May 31, 2017
HTML EMBED:
COPY

With lagging sales and consumer demand for discounts, Michael Kors to close up to 125 of its full-price stores

Aaron Schrank May 31, 2017
HTML EMBED:
COPY

In yet another blow to the brick-and-mortar retail business, luxury retailer Michael Kors announced it will close up to 125 of its full-price stores. The company and its competitors have been facing slowing sales as more customers shop online and spend less on apparel.  Michael Kors CEO John Idol announced the store closures in today’s earnings call, and said the brand needs to “further enhance our store experience in order to better engage and excite consumers.”  Among other things, the brand has struggled to sell its handbags at full price, because shoppers have gotten used to serious discounts at department stores and competitors.

Click the audio player above to hear the full story.

As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.

Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.

Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.