We went to Banana Republic to see why the retailer is in so much trouble
Here it is: Banana Republic's flagship in Manhattan's fashionable Flatiron district. It feels upscale, for sure.
At first glance, tons of sales might seem great. You can get 40% off entire purchase, 50% off most expensive items, and you can combine both when you get to the register! There's a downside: promotions condition consumers to never pay full price.
Source: Business Insider
The men's section is heavily discounted, as well.
This sale section is overwhelming and anxiety-inducing. It's difficult to know where to start.
This shade of green is a little...off-putting, to say the least. Peck has admitted that apparel has been flawed. "I've been disappointed in the women’s product in Banana Republic," Peck told Bloomberg. Customers are "being clear that it doesn’t fit well. It’s not as versatile or flattering as it should be given the price point."
Source: Bloomberg
Here it is again! Banana, we know you put a "twist" on your "updated classics," but if a "twist" on a classic trench coat is this shade of green, we can see why many women are choosing to pass.
How many grown men do you know that would want to wear this mustard skull sweater to work?
The accessory section skews a little...young. If Banana keeps targeting young women, where will the cool moms shop?
This mini skirt looks like something you'd find in the back corner at Forever 21...in 2002. (For what it's worth, a Banana Republic spokesperson told Fortune it was facing "product-acceptance challenges," and in June, Fortune reported that the company admitted it misstepped with crop tops.)
Here's our intrepid Marina, aghast at the hashtag drawn in paint across the mirror to remind shoppers "It's Banana," in case they forgot. (Which they might, given the current state of the store.)
We can't blame Banana Republic for its sweater problem. Sure, they don't seem worth it at $89, but this unseasonably warm fall has taken a toll on retailers, regardless. "...not to make excuses, but as statistic that October was the warmest October ever, and we’re still seeing the temperatures in the Northeast et cetera pretty warm, which obviously means people aren’t necessarily ready to buy into particularly sweaters and outwear," CEO Peck said on the recent call.
Source: Seeking Alpha
This seems slightly more in line with what we might expect from Banana Republic. But there it is — sad and all alone.
Banana shows some promise — these dresses do, indeed, look office holiday party appropriate. But, Marissa Webb — who was supposed to help the brand become more fashion-forward — stepped down from her position as creative director in early October, after her designs failed to resonate. (However, according to Racked, she styled the summer 2016 collection and has been working part-time as an advisor to Banana Republic.) Perhaps a new creative director will lead the way for Banana Republic's renaissance. And in the meantime, Peck and his team are working to ameliorate Banana Republic's woes. "So I have confidence in the work that we’re doing across the company, and I’ve spoken to you about how we are essentially lifting processes and capabilities from Old Navy and installing them in Gap and Banana Republic," he said.
Source: New York Times; Racked; Seeking Alpha
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