RYU Apparel Inc. (TSXV: RYU) (OTCQB: RYPPF) (FWB: RYAA) (“RYU” or the “Company“), creator of award-winning urban athletic apparel announces that it will shift focus to its digital ecommerce business and close two store locations.
Following a year-long holistic review of RYU’s operations, encouraging growth of online sales in the third and fourth quarters of 2021 and continued shifts in digital preferences among RYU’s customer base, the Company has decided to close their Williamsburg and Toronto store locations on February 20th, 2022, and March 27th, 2022, respectively. The Vancouver flagship location, which also serves as Company headquarters and, will remain open driving experiential retail, community, and new product activations.
Ecommerce revenue, transaction rate and average order value all are expected to double and triple in growth and the printed catalogue program, which launched in November 2021, is also expected to increase ecommerce sales.
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.
According to COO Rob Blair, “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.”
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