It has finally been reported that Stollerys men’s store in the heart of Toronto’s shopping district is closing down. The monumental 114-year-old building is now ready to become the home of a new company. With the new market rise in men’s wear, the increasing demand for these goods has caused companies in competition to battle each other for customers. As profits rise, it causes producers to increase their supply and invest more money into the marketing of the exponentially growing men’s wear department.
The huge powerful corporations such as Harry Rosen, Ralph Lauren, Marc Jacobs, Lacoste and other have began to narrow down the competition in the industry by attracting the customers and closing down the relatively smaller stores such as Stollerys. With a new way of broadcasting their products these well-known names have popularized the use of their online websites for the use of purchasing products. Such advancements in sales are contributing to increasing profits for the big name brands.
This lasting effect has caused smaller companies to become more innovative in their approaches in order to survive, by marketing and planning the future of their companies. I myself used to live in Toronto 5 years ago, and the growth in the men’s wear market from then to now is beyond what I could have imagined.
Work Cited:
Strauss, Marina. “Iconic Upscale Men’s Wear Store to Close in Toronto.”The Globe and Mail. N.p., n.d. Web. 05 Oct. 2014.
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