What: Fred Segal has closed its remaining California stores, leaving only one location at Resorts World in Las Vegas.

Why it is important: The closures mark the end of an iconic retail era, highlighting the challenges faced by physical retail stores in adapting to changing consumer behaviors, economic uncertainties, and the long-term impacts of the COVID-19 pandemic.

Fred Segal, the iconic retailer known for its innovative shop-in-shop concept and contemporary style, has closed its last two California stores. Jeff Lotman, CEO of Global Icons, cited the shift to online shopping, economic uncertainties, and decreased foot traffic as reasons for the closures. The remaining Fred Segal store is located at Resorts World in Las Vegas. Lotman has returned the worldwide master license for the brand to the Segal family. Despite efforts to expand and diversify, including a Fred Segal Home showroom in Culver City, the challenges of manufacturing and maintaining physical stores proved insurmountable. Negotiations are ongoing with various parties interested in licensing or acquiring the Fred Segal brand.

Fred Segal closes all California stores