As ‘athleisure’ and ‘quiet luxury’ continue to dominate fashion trends, one Canadian menswear store that made its name with formalwear is trying to keep up with the times.
What happened: The historic Canadian men’s clothier Harry Rosen is launching a five-year, $50 million plan to overhaul its stores across Canada, including making stores better suited (lol) for online pick-ups, condensing display spaces, and showcasing newer, trendier labels.
Why it matters: The pandemic — and all of the cozy clothes that came with staying indoors — accelerated the death of wearing suits to the office. Nowadays, men no longer have a full-week rotation of suits; instead, they have just one or two on hand for special events.
- Tailored clothing and formalwear made up ~60% of Harry Rosen’s pre-pandemic biz; now it’s ~40%. Likewise, casual shoes now make up about half of its footwear sales.
- Luxury retailer Holt Renfrew, perhaps Harry Rosen’s top competitor, is making similar moves, expanding its menswear offerings and growing its brick-and-mortar spaces.
Big picture: In the fast-changing world of men’s fashion, it’s adapt or die. Just look at Brooks Brothers, which had to be bought out of bankruptcy. Or Tailored Brands (the owner of Canadian strip mall staple Moores), which underwent financial restructuring to stay afloat.
Zoom out: The classic department store model has also fallen in Canada, with HBC-owned the Bay and Saks Off 5th both struggling, and Nordstrom leaving Canada entirely.—QH