Another one bites the dust.
And this closure is definitely unexpected.
It looks like another popular retail outlet is leaving our fair country, and this one specializes in a consumer good most can’t live without–shoes.
Town Shoes, which is owned by the American-based DSW brand, is about to disappear from Canada entirely.
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A recent DSW news release officially announced “the exit of the Town Shoes” banner.
The news might disappoint many, especially since operators seem optimistic about the DSW brand overall.
“We are thrilled to report record sales and earnings results this quarter as our merchandise strategy and marketing investment fueled strong customer engagement, traffic and transaction activity, resulting in a 10% comp. The strong results we’ve had this spring demonstrate we’re successfully activating customers and increasing lifetime value. I’m proud of the progress we’re making and with our updated earnings outlook, we look forward to sales reaching $3 billion for the first time in DSW’s history,” said Roger Rawlins, CEO, in a news release.
“After completing our strategic assessment of the Canadian marketplace, we have decided to close its smallest retail banner and focus on the three largest family footwear banners which we believe have the most potential for future growth and profitability.”
According to a recent Retail Insider article, DSW paid $62-million when it bought a 44 per cent stake in Town Shoes in the spring of 2014.
It acquired a 100 per cent stake in the company this past May.
The Canadian company has been around for a whopping 66 years.
DSW says it expects to close all 38 of its Town Shoes locations by the end of the fiscal year.