The veteran industry exec says you can be a good retail operator but not necessarily good at restructuring a business.
“The luxury businesses will be fine. Those customers have plenty of money. But the lower moderate to mass businesses are going to be under stress because consumers have less disposable income after really benefiting from the stimulus, interest rates are going up, and I don’t think capital is as easily accessible as it was,” Appel added.
“Look at Old Navy. They made a big bet on size inclusivity, which didn’t work. Old Navy used to be terrific. It was exciting. They sort of lost that. Can they recapture it?He said so far he has one client at Getzler Henrich that he declined to specify. He was more forthcoming on how he operates in turnarounds.
Over the years Appel has managed turnaround efforts, often in interim chief executive officer slots including at Laura Ashley, HCI Direct, Wilkes Bashford and Baccarat. He also provided turnaround services for Kenneth Cole, Avery Boardman, Versa Partners and DW Partners, and was chairman and CEO of Rue 21 leading turnaround efforts there, among other assignments.
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