In another sign of traditional retailers' struggles, Topshop plans to close all 11 of its US stores as its parent company seeks to restructure after filing for bankruptcy protection. The company also plans to shut all its 11 Topshop and Topman stores in the US. Image: MS News. Melbourne, Brisbane rent prices plummeted amid pande...He said rents, shop expenses, wages, transport and distribution costs in Australia made it “an expensive place to do business.”But it quickly became apparent that its local iteration was not quite the same. Find out more about our policy and your choices, including how to opt-out.news.com.au — Australia’s leading news siteAdministrators Ferrier Hodgson said stores would continue to trade as usual and workers would continue to be paid, although it has not ruled out closing some stores as part of the eventual restructure.At the time, Hilton Seskin — who brought the brand Down Under — described it as Topshop’s most successful franchise opening ever.
“Topshop has never really translated well outside of the UK,” he said. The company also plans to shut all its 11 Topshop and Topman stores in the US.Philip Green no longer a billionaire and Arcadia worthless, says rich listBusinessman Philip Green is set to shut 23 Burton, Dorothy Perkins and Topshop stores as part of a rescue plan.Arcadia plans to shut 23 stores as Sir Philip Green launches restructuring proposalCredit insurer shelves new cover for Sir Philip Green's Arcadia GroupIt is another blow to the tycoon, who this month lost his Sunday Times Rich List billionaire status.Here is a full list of the stores to close. It has quite an expensive set-up, with big format stores that are now competing against Zara and H&M, who are doing disposable fashion better. Closing down ... Life with BIRD, shown here at Melbourne Fashion Week, is shutting after 16 years. Source:News Limited. Christopher & Banks .
Picture: Cameron SpencerIt joins a long list of troubled retailers with Herringbone, Marcs, David Lawrence, Pumpkin Patch and Payless Shoes all folding in the past 12 months. Topshop opened its first Australian store on Melbourne’s Chapel St in 2011. 36. Dozens have shut down in 2019.
Sir Philip Green’s Arcadia Group, the owner of Topshop, Topman and Dorothy Perkins, is closing a fresh wave of stores in the wake of a tough Christmas.. For one thing, it was more expensive.Crowds lined the pavement waiting for Sydney’s first Topshop to open in 2012. I’m not saying that it can’t be saved, but it will take a lot of work.”Oscar Wylee fined $3.5m for false ‘buy a pair, give a pair’ ...US election: Joe Biden gets angry during CNN town hallThe brand’s struggle has been interpreted as a worrying sign for the local retail industry given the collapse of a string of Australian fashion brands has been blamed on competition from overseas fast fashion giants.Fashion commentator and journalist Rachel Wells said Topshop’s biggest problem was that it had failed to deliver on its biggest promise.But while the news may have come as a shock to some, retail analyst Peter Ryan says he saw it coming.The high-street chain, along with menswear label Topman, has gone into voluntary administration after failing to arrest its slide into multi-million dollar loss-making territory.Kate Moss made Topshop cool, but Australian shoppers have switched off.
And that will leave just 182 Sears and Kmart stores still going. But there are no guarantees for the 760 workers whose fates hang in the balance.“They’re certainly still delivering on-trend pieces but, from a fashion perspective, Zara has superseded them in terms of both quality and appeal of garments.”But it went downhill from there, Mr Ryan told news.com.au, blaming a “substandard” product quality that would soon be eclipsed by Topshop’s international fast fashion rivals.Topshop opened its first Australian store on Melbourne’s Chapel St in 2011.Join the conversation, you are commenting as ONCE the epitome of cool, Topshop is the latest fashion brand to fall victim to Australia’s tough retail market.
Unfortunately, this was not enough to stem the losses that saw Topshop/Topman’s earning fall by $3 million, according to Myer’s most recent financial results released in May.“The retail sector in Australia has been a tough one to make work for a long time,” Dr Ogden-Barnes Death tax: Proposal for Baby Boomers to pay for aged care af...There is talk of Topshop’s parent company chairman, Britain’s so-called “king of high street” Sir Philip Green, swooping in to save the Australian operation. The quality just didn’t stack up.”“They haven’t delivered on cheap, high quality fashion,” Ms Wells told news.com.au.Woman berates pharmacy manager for calling police on black m...He said the label’s appeal was at its peak when Topshop opened its first Australian store on Melbourne’s Chapel St “with great fanfare” in 2011.But Mr Ryan said this was unlikely to have brought the chain undone, as its store footprint gave it “plenty of coverage” in prime, high-traffic locations.Shoppers at the Sydney store opening in 2012.
“When you think about the cost base involved in retail, there are probably are some lessons to be learned — some very tangible, probably cost-based reasons for this news.”“You’ve absolutely got to lift your game in retail generally, but just so much more in fashion, the hardest part of the market to correct.”The company, which has nine stand-alone stores along with 17 Myer concession outlets and is 25 per cent owned by the department store, only introduced an online store last year.Topshop's Hilton Seskin, front left, with Myer’s Daniel Bracken in Melbourne.“Because of local taxes, higher wages, higher rents — and the fact you had to express freight to Australia to be on trend — they had to raise prices, while the quality didn’t change,” Ms Wells said.Steve Ogden-Barnes from Deakin University’s business school said Topshop’s struggles highlighted the difficulty of succeeding in the local market.And he agreed that rival fast fashion giants Zara, H&M and Uniqlo made it difficult for Topshop to stay relevant.If the British-born label that took Australia by storm almost six years ago with Kate Moss as its brand ambassador — and which turns over $90 million a year — can’t make it here, then what hope is there for local retailers?“The whole Topshop thing I never thought would work here,” Mr Ryan told news.com.au, dismissing its wares as “cheap clothing that really traded off its London cool”.Topshop Australia’s majority owner Hilton Seskin did not respond to a request for comment.ONCE the epitome of cool, Topshop has gone into administration.
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