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Business / Fashion

Lingerie brand leaves two local malls

Lingerie brand leaves two local malls

Another national womenswear retailer has closed some of its local stores, adding to vacant space at two area shopping malls.

Victoria’s Secret this month closed its Stony Point Fashion Park and Virginia Center Commons locations.

The women’s retailer is owned by Ohio-based fashion company L Brands, which also owns Bath & Body Works. The publicly traded company previously announced it would be shutting 53 Victoria’s Secret stores this year after closing 30 in 2018.

L Brands confirmed that the Stony Point location closed March 18. The VCC location also closed this month. L Brands did not confirm a date for that closure.

Victoria’s Secret now has three stores in the region, all in malls – at Short Pump Town Center, Chesterfield Towne Center and Southpark Mall. There are about 1,100 Victoria’s Secret stores nationwide.

In its annual report filed with the SEC last week, L Brands told shareholders that Victoria’s Secret has underperformed.

“Major merchandise misses have resulted in increased promotion which negatively impacted margin rates,” the company said. “Our recent overall performance at Victoria’s Secret has been below our expectations, and we are determined to do better.”

In 2018, L Brands reported $13.2 billion in revenue with a profit of $644 million, down from $983 million in profit in 2017.

Another national womenswear retailer is preparing to close stores in the region this spring. Clothing brand Charlotte Russe plans to shut three stores in the Richmond area as the company goes out of business.

The Victoria’s Secret closures deal a blow to Stony Point and VCC, both of which lost an anchor tenant in the last six months.

Last year, Dick’s Sporting Goods closed its Stony Point store, though the mall has filled other spaces with eateries such as La Hacienda, NarWhals Rolled Ice Cream and Latitude Seafood Co., as well as escape room Gnome & Raven.

Virginia Center Commons lost its Sears store in February. The Henrico County mall was sold for $9 million in 2017.

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