The past few years have been tough on the retail industry, and no sector of the market has been spared. We’ve seen popular mall clothing stores shutter and niche stores like Party City and fabrics giant Joann say goodbye for good.
The trouble started in 2020, when stay-at-home orders forced consumers to do their shopping online. Retailers that weren’t ahead of the game on the shipping front lost out to giants like Amazon and Walmart that already had those networks in place.
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Once society reopened, inflation started to take a toll. And while it’s cooled these past couple of years, consumers are still grappling with higher costs.
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That’s forced a lot of people to make changes in the way they spend money, including cutting back on retail purchases. And so not surprisingly, a number of popular brands have been forced into bankruptcy as a result of sluggish sales.
After Chapter 11 bankruptcy, a key retailer debuts a new store concept.
Image source: Getty Images
David’s Bridal has had a rough go
The pandemic not only hammered the retail industry, but it also did a number on the wedding industry.
At a time when people were told not to get within six feet of each other, the idea of gathering dozens of guests in a room to celebrate someone’s marriage wasn’t exactly feasible or appealing.
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Not surprisingly, David’s Bridal lost out on a ton of business not just during the pandemic, but in the months that followed. So it wasn’t surprising when the company filed for Chapter 11 in April of 2023, marking the company’s second bankruptcy filing. The first took place in 2018.
At the time, the goal of filing for bankruptcy was for David’s Bridal to reduce its debt and reorganize. The company was able to save about 200 stores from closing and keep them operating.
But it was clear at the time that the brand needed a refresh. And that’s been the focus since.
David’s Bridal unveils new store concept
David’s Bridal has been trying to reinvent itself since filing for bankruptcy. Part of that shift has the company building out an online marketplace that goes beyond traditional wedding dresses to include men’s attire and party dresses.
Now, David’s Bridal is debuting a new store concept called Diamonds & Pearls in Delray Beach, Florida. If it proves successful, the company plans to open additional locations.
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Diamonds & Pearls will carry merchandise that’s not available at other David’s Bridal locations. The goal is to pare down inventory and instead offer a more exclusive, curated assortment of products that range from “affordable luxury to couture.”
“[Diamonds & Pearls] is where trend meets tradition, where high fashion meets high touch and high tech, and where we bring the full power of David’s and all of our offerings into a modern, elevated setting,” CEO Kelly Cook said in a statement.
In addition to carefully selected inventory, Diamonds & Pearls will feature digital technology that makes it easier for customers to shop.
Given the past struggles of David’s Bridal, it makes sense for the company to try to position itself as a hipper, more tech-savvy version of what it’s known to be. The question, though, is whether it will succeed.
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At a time when consumers are spending more cautiously, many are bucking the traditional wedding trend in favor of low-key gatherings. It will be interesting to see if David’s Bridal is able to stay afloat during these interesting economic times. But having filed for bankruptcy twice already, the company is no doubt eager to avoid flirting with a third go-round.