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Key Insights:
- The inability of Century 21 to get its insurers to compensate for the loss of business was a key factor.
- Competition in off-price is fierce as department stores embrace the strategy and brands look to liquidate excess inventory.
Earlier this month Century 21, long a bastion of off-price shopping in New York, filed for bankruptcy protection, joining the ranks of storied retailers felled by Covid-19 such as Neiman Marcus and Brooks Brothers.
The main culprit was the pandemic, especially because of the discounter’s presence in New York, where stores were closed for several months and tourists disappeared, while having some of the highest rents in the U.S.,
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