We Need To Save Claire's Accessories From Bankruptcy
The Debrief: Noooooo!
It has been nearly 9 years since Woolworth’s disappeared from our high streets, and (mysteriously) so did reports of kids stealing pick ‘n mix. If you can’t get over the fact that today’s 9 year olds have never even seen a Woolworths store IRL, then maybe click away now. Because, according to reports from the U.S, our own kids might grow up not knowing what Claire’s Accessories is.
As more and more people do their shopping online, visits to the high street and malls are on a downward trend. This is bad news for Claire’s, as not only does it rely heavily on impulsive purchases, but its target-audience are mostly below credit-card owning age. Consequently, the retailer has racked up about $2 billion in debts, and reported declining sales for 11 quarters in a row, leading Fitch Ratings to deem it ‘at risk’ of filing for bankruptcy in the near future.
However, it wasn’t all bad news, as the company recently announced it has pierced 100 million ears. It might sound like a lot, but Claire’s has been THE place for first teenage piercings for nearly 40 years – capitalising on its unintimidating atmosphere and affordable prices. It’s also a brand that can count amongst its clients a whole host of celebrities and mini-celebrities – notably Vanessa Hudgens, Anna Kendrick and Mariah Carey’s daughter Monroe. Famously, Brooklyn Beckham went there in 2014 to get diamantes to match his Dad’s, and Harrison Ford even chose Claire’s for his 55th birthday piercing in 1997.
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Claire’s is swimming against the tide right now, but we don’t want it to end up washed up like Blockbuster, Comet and so many others. So, maybe it’s time to get your cousin’s boyfriend’s little sister (or anyone without their ears pierced) down to Claire’s, and why not pick up an ombre glitter headband or some karma beads while you’re there – for old times’ sake?
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