Michael Kors Store Canada by bargainmoose / Flickr
After experiencing a 14.1% drop in same-store sales at the end of the most recent quarter, Michael Kors has announced that it will shut down between 100 to 125 full-priced stores nationwide. This will be done in an effort to improve profitability and brand loyalty, as Neil Saunders, CEO, has claimed that many shoppers have abandoned the brand completely despite numerous efforts to re-establish their luxury brand name by decreasing promotional offers.
Since last year, many large retailers have announced store closures nationwide for innumerable reasons - to focus on online sales, dropping numbers, and more. Just recently, we shared information on Sears and its additional store closures, as well as Macy's and its growing list of closing stores. The retail industry seems to be experiencing a great change in the way consumers shop, and we want to hear from you about your preferences - in-store or online?