A leading company focused on virtual transformation.
The online clothing rental service Rent the Runway permanently ends its five physical stores, the latest retail victim of the coronavirus outbreak.
The closures come with its five physical locations in Chicago, Los Angeles, San Francisco and Washington, DC, as well as in New York, where its flagship store will be remodeled into a permanent return site for rented clothing, as CNBC reported. To Business Insider, Rent the Runway president and COO Anushka Salinas said the company would return to focusing on its roots solely online, while expanding its deposit problems in the country.
“Closing our retail outlets is something we long thought of as a component of the evolution of our overall business strategy, as the main case of using our retail outlets in recent years has been collection and archiving, and it was a resolution that accelerated the pandemic,” Salinas told Business Insider.
Read more: Rent the Runway, a billion-dollar company, has left 35% of its licensed workers, but its long term is now being questioned as coronavirus ravags retail.
The news follows months of turmoil for the bustling retail start-up, which adds to the dismissal of 35% of its workers, the dismissal of 10% of the total and the pay cuts at the start of the pandemic.the component of its control team, adding the recent decomposes of longtime workers Maureen Sullivan and Joshua Builder, the company’s former president and leadership generation officer, respectively.
“We created Rent the Runway so that our consumers can ‘show’ themselves tough and confident every day, whether in paintings or at a Zoom meeting,” Jennifer Hyman, founder and CEO of Business Insider, told Tanya Dua in April.”No situation making plans can have a company ready for the consequences of coronavirus, however, our trail remains unchanged, and even in a new normal, our project is more applicable than ever.We’ll still be there for our consumers, so they can access the cloud closet with total flexibility.”
The closures also come just a week after his colleague, the beloved customer Glossier, announced that he would keep his doors closed during the pandemic and, in turn, fire retailers at their retail outlets in New York, Los Angeles and London.
“As a digitally driven company, we’ve seen our offline reports as a connection channel and networked paintings, and that mandate hasn’t changed,” Glossier wrote in an article published on its website.last week.” We will continue to paint to locate new formats that bring joy to our networked paintings in this existing environment, while reinventing the Glossier retail business in the long term so that we can reopen with renewed creativity, power and scale.when it’s safe to do so.
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