Is Claire’s Boutique On Its Way Out?
Claire’s Boutique is one of those retail staples in American malls alongside Auntie Anne’s pretzels, those carts in the middle of the mall that sell random items, and of course “The Gap.“ And it’s one of those stores where you’re sure to find a gaggle of young pre-teen girls who are excited about buying their first “Best friends” necklace or maybe getting their ears pierced for the first time. It is the accessories capital for young girls.
But recently, its 3,000 retail locations across the world have also been feeling the effects of this global recession as Claire’s Boutique reported a $570 million loss in the fourth quarter.
Considering that the lipstick effect actually helps the sales of cosmetics during times of Recession, it is interesting to note that these decreases occurred to Claire’s that has a majority of low-cost merchandise.
But it seems as though its not just Claire’s boutique that experienced those losses as Executive Office Gene Kahn emphasized that it customers stayed away from “nearly any shopping experience.”
As retailers across the nation are looking to the day when customers return to stores to spend money again, Claire’s is also waiting for those throngs of young girls grabbing their mother’s hands, begging for the latest bracelet or rhinestone-rimmed eyeglass case.