Stollerys, an iconic men’s clothing store situated in Toronto, is set to close its doors after 114 years.  The landmark has been unable to compete with other men’s clothing companys like Harry Rosen or Holt Renfrew & Co., along with the rising propensity of online stores.  Stollerys’ manager, Victor Edwards, said that some days business was so low he’d wonder why he had even come in that day.

Stollerys launched its own online store about a year ago but whether or not it has been successful has not changed the store’s fate.  Perhaps aside from Toronto, Harry Rosen’s name carries much more weight than that of Stollerys.  As online stores are not limited to location, Harry Rosen’s online store would be much more successful and thus have a larger market share.  Since men’s clothing takes up much less space compared to women’s fashion in the clothing market, Harry Rosen pulling ahead is even more detrimental to Stollerys.  As sad as it is to see a landmark go, this recycling of brands is normal according to Porter.  His view says that to stay on top one must be innovative, but in Stollerys case, they tried to keep the same business model and thus fell behind.

Source: http://www.theglobeandmail.com/report-on-business/iconic-upscale-mens-wear-store-to-close-in-toronto/article20932353/