July 27, 2023 at 11:11 PM PST
News Banana Republic Home Decor
From Fashion to Home Furnishings: The Future of Banana Republic's Home Decor
Sandra Stangl, Banana Republic’s company’s chief executive, is optimistic about the future when it comes to Banana Republic and home decor. In a recent New York Times article, Stangl expressed her optimism despite some experts’ opinions on the brand reviving another attempt at home goods.
Since the pandemic, several retailers have fallen into the red. Other stores have closed shop altogether like Bed, Bath and Beyond. But as retailers try to keep up with the pace of younger generations to secure them as consumers, the Gap-owned brand is willing to revisit its home decor division.
According to the Times, some leading experts believe the brand is seeking a “long-term strategy of building brand relevance,” Corey Tarlowe, a retail analyst at Jefferies, explained. “Banana Republic is not one of those companies that you think of that are doing amazing,” he confirmed. “There’s been so many problems for this Banana Republic business over the last 10 years. They’re trying to see these opportunities and figure out what works.”
Banana Republic’s Home Decor Venture Yields Mixed Reviews
In other words, some industry leaders don’t have the same optimism that Stangl is presenting.
“You’re not going to be Restoration Hardware by any means,” said Liza Amlani, the founder of Retail Strategy Group, a consulting firm. “Banana has a lot of competition, and they should just really scrap that whole idea” and focus on clothing. Business of Home published a similar critique of Banana’s home decor stating that “if it’s going to work, it will need to have a more widespread physical presence and better differentiated product.”
Currently, there are only a handful of Banana Republic physical stores that carry home decor, while the rest is available online. The current home decor catalog is a mix of pillows, linens, art, and rugs.
Aaron Rose, Banana Republic’s chief marketing officer, offered a more optimistic view, telling the Times, “There’s plenty of opportunity for everybody.” After all, the industry has seen plenty of fashion brands cross into the home decor space with success, like Anthropology, Ralph Lauren and H&M.
“Do we see ourselves going into hospitality? Sure. And restaurants? I think there’s a place for that,” Stangl told the Times. “We’re dreaming about what travel means to us and our brand. There’s something there, right?”
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