Wet Seal Chops Store-Growth Plans
Southern California retailer The Wet Seal Inc. plans to cut its store-growth plans by 50 percent.
In a March 3 announcement, the mall-based retailer, headquartered in Foothill Ranch, Calif., said it will only open 30 new Wet Seal stores in 2011 instead of the previously announced 60 outlets, according to Susan McGalla, the company’s chief executive.
McGalla said, “As we assess the best venues for growth and focus our attention this year on improving productivity of our existing stores, we made the strategic decision to maintain our 2011 store-growth plan consistent with 2010.”
The 2011 plan will feature 22 mall-based stores and eight off-mall stores for the company’s Wet Seal division. The company will also open four to six new stores for its Arden B division, which sells women’s contemporary fashions.
As of February 2011, The Wet Seal Inc. operated a total of 533 stores comprising 450 Wet Seal stores and 83 Arden B boutiques.—Andrew Asch
