TIE RACK

1981-2013

Tie Rack was a retail innovation built on simplicity, a specialist selling only ties, scarves, and accessories. Its small store size allowed it to occupy lucrative spots on high streets and prime locations in airports and railway stations, capturing commuters needing a last-minute item. With over 450 stores globally Tie Rack was a success.

But when office fashion changed the company failed to adapt. Dress-down culture, without a tie became the new standard. Tie Rack did not change its operations or diversify its products to meet customers' changing demands. It was left standing in busy locations, selling items people need only for special occasions. As demand evaporated, the very niche that had ensured The Tie Rack's success, selling only neckwear, became its fatal flaw.

Additional info:

The Guardian - Tie Rack: gone and knots forgotten

BBC - Tie Rack begins UK closing down sale

Medium - Tie Rack — Their Failure to Understand Men’s Shopping Behavior