RYU Apparel, Inc. announced that it would shift focus to its digital e-commerce business and close its Williamsburg and Toronto store locations.
The decision to close the two stores follows a year-long review of its operations, growth of online sales in the third and fourth quarters of 2021 and continued shifts in digital preferences among its customers.
The stores in Williamsburg and Toronto will close on February 20 and March 27, respectively. The Vancouver flagship location, which also serves as company headquarters, will remain open driving retail, community and new products.
With the closure of these two stores, RYU also intends to concentrate its brick-and-mortar presence on co-located “shop-in-shops” and store partnerships predominately in the USA.
COO Rob Blair said, “The closing of these stores is made more difficult by the loss of excellent team members whose service, loyalty and ambassadorship we are deeply grateful for. With the continued shift to online shopping, our strategy as a digital-first company is expected to maximize the performance of our capital. I intend to follow this announcement with a comprehensive shareholder letter and strategy review next week.”
