Victoria’s Secret plans to test three locations, including one off-mall strip centre, to reportedly take advantage of traffic in the new areas and cut down on costs.
On Monday, 19 July 2021, Victoria’s Secret announced that it is preparing to split from its parent company, L Brands, and form a separate public entity known as Victoria’s Secret & Co. This is reportedly part of a strategy for the lingerie maker to move away from traditional shopping malls.
According to Martin Waters, the Chief Executive Officer (CEO) of Victoria’s Secret & Co, the company is planning to test what it calls a ‘store of the future’ at three locations in 2022. Walters added that one of the stores will be an off-mall strip centre. This will reportedly be followed by 10 test locations in 2022, with most of them being off-mall locations.
Waters added that the company is trying to take advantage of the traffic that is in those clearance and off-mall locations. The change is reportedly about being in a flexible environment where merchandise can be moved around freely based on the demand for items.
Furthermore, the company added that the future shops will offer improved customer service, have a modern and feminine feel, as well as a refined employee model. The goal with the new locations is to reportedly cut down costs.
Moreover, the retailer also aims to move away from its public image of it reportedly being sexist and body-shaming. This more inclusive image will be incorporated through mannequins in bigger sizes to showcase the company’s bras and underwear.
Additionally, Waters stated that the brand was previously marketed in a way that was culturally irrelevant, and not in tune with the political climate. Lastly, the store has reportedly been cutting down its portfolio since 2020 to focus on its more profitable shops. The initiative was reportedly inspired by the shift to online shopping.