If you haven’t already heard that Forever 21 was filing for bankruptcy then I apologize for shocking you on this Monday. But yes it’s true. According to Business Insider, the go to store for your favorite trendy and last minute outfit needs is struggling to keep itself afloat. I’ve been a consistent patron to this brand, so naturally I was curious to find out as to why such a seemingly successful company was going under. Through my light research, I learned that this brand is known as a “Fast-Fashion” company in the industry, meaning it produces popular and trendy outfits at inexpensive costs to the customer at a rapid pace; hence the term “fast.” While this trend exists among many brands, it’s gratifying to be able to recognize this business model in the fashion sector and know the proper terminology.
With e-commerce growing exponentially, a lot of our shopping behavior has shifted towards online purchasing which has already become a staple for millennials. And with competing brands in this fast-fashion era, such as Fashion Nova securing ambassadorships from the biggest celebrities and influencers, it seems that Forever 21 is struggling to keep up. At the same time, we’ve apparently entered the age of a “retail apocalypse” where brick and mortar storefronts are no longer profitable as the online shopping experience continues to grow rapidly and interactively. As mentioned in the Business Insider article, the 480 Forever 21 storefronts in the U.S. will need to be considered as some closures are expected to occur. I, for one, don’t shop too heavily online but I also no longer spend hours at the mall as I did in my early days as a youth. I can absolutely understand how storefronts are becoming obsolete but I truly wonder what the future will be for this brand that promised it would last forever.
Cover photo by Lauren Fleischmann