Talbots Inc. has launched a five-part plan to turnaround its business and drive shoppers back to its stores. The initiative calls for testing a new boutique concept and to pursue outlet opportunities.
For starters, the company will open 35 Talbots Womans stores over the next five years and add the boutiques, which will offer a fuller assortment within Talbots Misses locations. The retailer said it would invest in prospecting and marketing programs that target women of all sizes.
Talbots also said it will look at opening up to 40 outlets within three years. The women’s retailer said it also plans to tighten its shoe assortment and increase inventory levels of accessories.
“Talbots has not pursued an outlet strategy in the past, which for others has been a very profitable growth avenue,” the firm said in a statement. “Talbots has the capability to make special made for outlet merchandise and attract a new customer segment.”
For its J.Jill brand, the company also plans to cutback on its expansion plans until it chain improves its performance. The brand will focus on improving its merchandise, increasing customers acquisition and marketing to build greater brand awareness. Once those goals are met, J.Jill will expand and open 450 new stores and consider new concepts, including woman’s, premium outlets and international.
Talbots began a strategic review last fall, which resulted in the company announcing the closing of nearly 100 stores (Talbots and Talbots Kids and Mens) and a reshuffling of executives.
The changes come just over a week after the company’s first chief marketing officer Lori Wagner started her new position (
Promo Xtra, March 18, 2008).
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