For generations of shoppers, stepping into a Victoria’s Secret or PINK store was a familiar part of the mall experience. The pink walls, distinctive branding, and signature Bombshell fragrance helped make the retailer one of the most recognizable names in lingerie and beauty.

But the retail landscape has changed, and so has Victoria’s Secret.

After years of declining sales, shifting consumer preferences, and controversies that damaged its reputation, the company is working to reconnect with customers while reshaping its stores and brands for a new generation.

That effort has included significant changes to its physical footprint. While Victoria’s Secret has continued to close stores, it has also been investing in a different kind of in-person experience.

Victoria’s Secret closes 38 stores

Victoria’s Secret (VSCO) closed 38 locations between Jan. 31 and Aug. 1, 2026, bringing its total store count to 1,430.

During the same period, however, the company opened 48 stores, meaning openings outpaced closures.

This has been a pattern for Victoria’s Secret. From Feb. 1, 2025, through Jan. 31, 2026, the company closed 78 stores but opened 111, according to its fourth-quarter fiscal 2025 earnings report.

The numbers reflect a broader strategy that isn’t simply about reducing the company’s physical footprint.

During the company’s earnings call, Victoria’s Secret CEO Hillary Super said stores outpaced digital sales and remain an important competitive tool for the business because they differentiate the company from competitors.

One of the key advantages of its physical stores is the bra-fitting service, which requires an in-store visit.

“I think with bras being at the heart of our business, our service, which I think is industry leading, is critical,” said Super during the earnings call.

“I think what we do in terms of bra fitting in a personal space is unmatched. And so I believe very much in stores.”

Super also said that Gen Z wants a store experience even more than other customer groups, which is partly why the company plans to continue investing in its stores, particularly through its Store of the Future model.

Why Victoria’s Secret is closing stores

Victoria’s Secret has been undergoing a major turnaround since appointing Super as the company’s CEO in September 2024.

The company has focused on managing costs while prioritizing investments in product innovation, brand strength, and customer experience. It has also reduced discounting in favor of more full-price selling.

As part of that strategy, Victoria’s Secret developed a design concept called “Store of the Future” to adapt to evolving consumer demands.

The format includes easy in-store navigation, an enhanced fitting room experience, and updated checkout technology, according to a company announcement.

“We are confident that we are investing in the right ways to reach a new audience. We have a lot more runway ahead of us,” said Victoria’s Secret Chief Marketing and Customer Officer Elizabeth Preis during the company’s latest earnings call.

Preis acknowledged that Victoria’s Secret had significantly more customers at its peak than it does today, but said the company is working to rebuild that audience through its Path to Potential Strategy.

Victoria’s Secret introduced the Path to Potential Strategy in March 2025 as part of its efforts to modernize the brand, strengthen its market position, and appeal to younger consumers.

The strategy is built around four pillars:

  • Supercharge Bra Authority: Reassert leadership in bras through product excellence and market leadership.
  • Recommit to PINK: Reignite the PINK brand and strengthen its connection with younger consumers.
  • Fueling Growth in Beauty: Maximize and expand the fragrance and lifestyle beauty categories.
  • Evolving Brand Projection and Go-To-Market Strategy: Refresh marketing, shorten production lead times, and update store formats to create distinct, immersive brand experiences.

The strategy comes as Victoria’s Secret continues trying to rebuild a customer base that has changed significantly from the one that helped make the company a dominant name in lingerie.

Victoria’s Secret closes 38 stores worldwide.

Dimitrios Kambouris / Getty Images

Victoria’s Secret has a controversial past

Victoria’s Secret’s current strategy comes after several years of reputational challenges that forced the company to reconsider how it presents itself to consumers.

After a 17-year run, the iconic Victoria’s Secret Fashion Show was officially canceled in 2019, following what was thought to be its final show in 2018.

In 2024, Victoria’s Secret separated its namesake brand and PINK operations following its 2022 merger, allowing the two brands to more clearly differentiate their identities and target audiences.

That same year, Victoria’s Secret brought back its iconic fashion show after a six-year hiatus.

The show had been canceled amid criticism surrounding the company’s approach to inclusivity. In 2019, the retailer’s former marketing chief faced backlash after saying transgender and plus-size models did not align with the brand’s image, Forbes reported. 

In 2022, Victoria’s Secret also faced allegations of sexual harassment and misogyny involving high-level executives, which were detailed in shareholder litigation. According to law firm Quinn Emanuel Urquhart & Sullivan, the company ultimately reached a $90 million settlement with models involved in the litigation.

The fashion show’s return was designed to reflect “who the company is today” while reconnecting with elements that had previously made it a cultural force.

Here’s some of my previous coverage of store closures:

  • Nearly 200-year-old retailer exits an entire market
  • Major mall retailer closes more stores in 2026
  • 102-year-old fashion, lifestyle retailer confirms 180 more closures

The comeback generated significant attention for the brand.

Within four weeks of its airing, the fashion show reached approximately 61 million viewers, up over 60% from the prior year. Victoria’s Secret gained nearly nine million new social media followers, generated 51 billion media impressions, and saw site traffic increase more than 60% year over year. 

The company said the event contributed to a more than 15% increase in new customers.

“By showing up in the moments that matter most to her and creating compelling products and experiences, we are building the emotional connections needed to win her loyalty for the long term,” said Victoria’s Secret CEO Hillary Super in the company’s third-quarter fiscal 2025 earnings call.

Victoria’s Secret sees early signs of improvement

Victoria’s Secret is beginning to see signs that its turnaround strategy is gaining traction.

During the second quarter of fiscal 2026, Victoria’s Secret reported:

  • Net sales: Increased 10.4% year over year to $1.6 billion
  • North America store sales: Rose 8.9%
  • Comparable net sales: Climbed 9%

The results provide an early indication of improving sales performance, although Victoria’s Secret still has work to do to fully rebuild the customer base and brand strength it enjoyed at its peak.

Related: Popular women’s fashion brand closes dozens of stores nationwide