Victoria's Secret Is Quietly Closing Canadian Stores & 5 Have Already Been Hit
The company was sold to another owner recently.
Some malls in Canada are going to have new storefronts after some recent closures. Victoria's Secret in Canada is closing stores in different parts of the country and five locations have already been impacted. The brand isn't fully shut down though.
According to Retail Insider, the bra and lingerie brand has been quietly closing the doors to stores in Canada and the one in CF Market Mall in Calgary is the latest to go.
"In the not too distant past, it was one of the most anticipated store openings in Calgary when Victoria’s Secret opened at CF Market Mall," said Michael Kehoe, a broker in Calgary who specializes in the retail market, told Retail Insider.
At the end of January, the doors to the 14,200-square foot store closed for good.
Along with the store in CF Market Mall, the lingerie supplier's locations also shut down at CF Richmond Centre near Vancouver, CF Sherway Gardens in Toronto and CF Rideau Centre in Ottawa.
One of the brand's Pink locations also closed at Mapleview Centre in Burlington, Ontario.
Retail Insider explains the company has closed about 55 stores in North America but that doesn't even put a dent in the total number of locations it has.
There are more than 1,600 stores worldwide.
Now, those closed locations in malls across Canada are open spaces up for grabs.
Darryl Schmidt, vice president of retail leasing in western Canada for CF, said that the space in Calgary will be transformed into two units because "it's a large block" and they're "not inclined to lease it in one chunk."
In February, it was announced that the majority of the company was being sold to a private equity firm for about US$525 million.
It hasn't been the greatest stretch of time for the bra brand.
They have dealt with decreased sales, come under fire in the past for and even in 2019.
While there are still locations open across Canada, it's unclear as of yet if there will be more Victoria's Secret store closures across the country in the future.
Narcity reached out to the company about future closures and will update this story when we receive a response.