L Brands recently announced their plans to close 250 Victoria’s Secret stores in North America in the next several months. With nearly all Victoria’s Secret stores closed since March 17 due to the COVID-19 pandemic, Victoria’s Secret has suffered in overall sales, including e-commerce and operating income during their first quarter of 2020. L Brands also released that Bath & Body Works would close about 50 of their stores.
Despite that, L Brands wants to use these closures as initiative to pivot in the right direction. The company plans to focus on their personal care lines of soaps and cleansers, which have seen a major increase during the current health crisis.
At SREG, we are actively monitoring the situation at hand — making it our priority to review lease agreements with both tenants to lessen the impact at our properties and prevent closures where we can. Our leasing team has been proactively and creatively strategizing new opportunities with the best possible solution to ensure our assets and relationships remain intact and thriving.
About Victoria’s Secret
Victoria’s Secret is the leading specialty retailer of lingerie and beauty products, dominating its field with modern fashion-inspired collections, prestige fragrances and cosmetics, celebrated supermodels and world-famous runway shows. A business of Limited Brands (NYSE: LTD), its more than 1000 Victoria’s Secret Lingerie and Beauty stores, the catalogue and www.VictoriasSecret.com allow customers to shop the brand anywhere, anytime, from any place.
About L Brands
L Brands, through Victoria’s Secret, PINK and Bath & Body Works, is an international company. The company operates 2,920 company-owned specialty stores in the United States, Canada, the United Kingdom and Greater China, and its brands are also sold in more than 700 franchised locations worldwide. The company’s products are also available online at www.VictoriasSecret.com and www.BathandBodyWorks.com.