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Details on Industry Insight.
I was at Fashion Island in Newport Beach this weekend and saw that PacSun has closed its store there.
I asked PacSun CEO Gary Schoenfeld why. The store had a fairly high profile location next to a popular fountain.
“Fashion Island has been moving for a while toward single brand and unique retail store formats,” he said via email. “PacSun with multi brands and 850+ stores was not consistent (with that), thus the lease wasn’t renewed.”
Gary told analysts and investors at the ICR XChange conference last week that the company is evaluating underperforming stores as leases come up and either closing them or renegotiating shorter leases with better terms.
Click here to read more of his comment's about PacSun's business at the conference.