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Limited Too's Comeback

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Limited Too's Comeback Business Limited Too's comeback I The girl-power retailer has wo giggling girls pose in a photo Low-key and relaxed: Limited Too booth in the store while a friend twists CEO, president and chairman Michael rebounded after its T:the handle on a nearby gumball ma- Rayden, chine, smiling as her hand catches the can- mishmash mistake. dy. Another dozen or so girls and I heir mothers are scattered about, sifting which was launched in September 2001 to through piles of pink sweaters and pastel cater to older girls-was dragging the busi- blouses, picking out stuffed animals or ness down. CDs or bedspreads, and selecting just the Realizing he'd let the company drift from BY SUSAN K. right shade of lip gloss. Smiling young as- its core customer, Rayden oversaw big sociates offer assistance as sugar-coated changes. By the summer of 2004, all 18 WITTSTOCK pop music pulses in the air. There isn't a mishmash stores and several high-level ex- boy in sight. ecutives were gone. Rayden also launched Welcome to girl-power tweenland, oth- a new brand, Justice, a less-expensive ver- erwise known as Limited Too. If you're a sion of Limited Too. girl between the ages of 7 and 14, chances The moves apparently are paying off are it's a familiar place. Holiday sales for Too Inc. showed signifi- It's a landscape Michael Rayden knows cant improvement over 2003, and analysts well. As the head of Limited Too since are projecting strong returns for spring ap- 1996, Rayden has steered the New Albany parel. The 35 Justice stores have had solid business from its days as a subsidiary of enough results that an additional 60 stores Les Wexner's retail empire to an indepen- are scheduled to open nationally in 2005. dent public company. Too Inc., which has achieved widespread growth with 575 ayden, 56, chooses lo foster a relaxed stores in 46 states while overshadowed by corporate culture. He wears jeans and such Columbus clothing giants as Aber- R untucked button-down shirts to the crombie & Fitch and Express, among oth- office while sporting a small gold earring ers. in his left ear. He doesn't seek, or want, Not all has gone smoothly, though. Af- publicity. "We don't worry about getting ter years of steady growth. Too Inc.'s sales press. I'm not very high-profile," says the and revenue dipped in 2003 followed by a former CEO of Eddie Bauer, Stride Rite dramatic drop in its stock price. It became and Pacific Sunwear. "It doesn't mean we clear drat a Limited Too sibling-mishmash, aren't majorly involved in the community Columbus Monthly - MARCH 20O5 113 and with charities-we make large dona- We weren't focusing on what we do best." tions to Children's Hospital. I'd say that It took a lot of guts to admit they'd we are known to the people we need to be made a mistake, says board member Nan- RafaelE. Villalobos,D.o.,FA,c.o.s. known to." cy Kramer, founder and CEO of the mar- He contrasts Too Inc. with its New Al- keting firm Resource Interactive. "A lot of bany neighbor, Abercrombie & Fitch, times, people don't have the ability to say which courts publicity with racy catalogs something is not working, and they keep and controversial T-shirt slogans. "That pouring money into it," she says. "Mike • BRBTST wouldn't make sense with our brand," he made the decision to put it behind us, and AUGMENTATION says. "We are just more low-key." I think that is admirable." Low-key attitude doesn't translate into "TTiis is an ever changing business. It's hands-off leadership, according to Robert taken a lot of time and money to get our- Atkinson, director of Too Inc.'s investor re- selves back on track, but we're having an lations. "Mike really is the brand manager excellent year," says Rayden, referring to for Limited Too and Justice," Atkinson 2004. In January, the company reported says. "He can tell the story of the company that it expected a 3 to 4 percent increase in from A to Z because he's been there." fourth-quarter same-store sales over the A recent turning point came last spring previous year. And the stock price of $26 after 2003 saw sales fall to $598.7 million in early 2005 was up from the paltry $14 from $640 million the previous year. Kent markoflast [uly. Kleeberger, the company's chief financial officer, and James Petty, president and general manager of Limited Too, an- nounced iheir resignations in May 2004. Trie following month Lece Lohr resigned As for mishmash's part in as senior vice president and general mer- creating a troubled bottom ,- PLASTIC RECONSTRUCTIVE chandise manager of sportswear. Rather SURGERY ASSOCIATES than directly filling the vacated positions, line, Rayden isn't shy about IC>\ BetheTKoad, Suite 101 the company reorganized its executive Columbus, Ohio 4IU20 structure. And Rayden, already CEO and saying it was a mistake. "I think (til4)457-PRSA(7772) chairman, added the title "president" to his we got off form as a company," www.prsaoh.com____,, business card. Tve found it better if I'm closer to the he says. business. The president was somewhat of a barrier," he says. He doesn't blame the difficulties of 2003 on those who left. "I How's won't attribute it to them," he says, and pauses. "But I don't know if certain indi- Limited Too began in 1987 as the viduals hadn't left if the last six months brainchild oi Les Wexner, the founder and business? would have been so good." CEO of The Limited (now called Limited Analysts say Limited Too's product Brands). The concept, which originally in- line was off the mark in 2003. "They made cluded baby clothing, started for the most some merchandising missteps," says How- part inside Limited Stores, the company's ard Tubin, an analyst with Cathay Finan- flagship that sold women's sportswear. cial. "The looks of die merchandise maybe By the early 1990s, it had found its got a little too old for the customer. They footing as a separate tween-only chain. tried teen clothing, but smaller, and the Then in 1999, Wcxncr decided to set Lim- girls didn't go for it." ited Too free as an independent company. Store displays also suffered. "Their as- Shareholders in The Limited were given sortments were cluttered. The layout in one share of stock in Too Inc. for every the store and the presentation was poor," seven shares of stock they had in The Lim- says Daryl Boehringer of FTN Midwest ited. Letting go of a profitable company Securities. "They've changed that now. fits a Wexner pattern that has included, for They have shifted their apparel and acces- instance, the spinoff of Abercrombie & sories and they've gotten more focused in Fitch and the sale of Lane Bryant. terms of color." "The way Les looks at this is he wants As for mishmash's part in creating a to spin off successful business," Rayden troubled bottom line, Rayden isn't shy says. "The Limited seems to be moving about saying it was a mistake. "I think we away from apparel and their brand didn't got off form as a company," he says. include the tween market. If Limited Too "We've always been good, since day one, couldn't add value to them, there was no Coiumbus's premier business in the tween business. We started that reason for us to not be independent." magazine, on your newsstand now. trend back in 1987. With mishmash, we No affiliation remains between the two started to expand the company to a bit companies, although for a few years Too Call 540-8900 older age group and tried competing in a Inc. maintained contracts with its former saturated market. I think we moved away parent for tech support services and ware- to receive your own issue eveiy month. from our core customer and got distracted. house and office space. In 2002, Too Inc. 114 Columbus Monthly - MAHCH2OO5 began operating its own Licking County tomers away from Limited Too, but, re- distribution center, employing 100, and gardless, many are being pulled off the Why settle for diamonds that moved into a new 150,000-square-foot mall stores. Moms are shopping away are in stock? Let Star Jewelers headquarters, where 400 Limited Too and from the mall and are heading to Target or Justice staff members are housed near the Old Navy," Rayden says. "We thought, find the quality diamond you St. Rt. 161 bypass in New Albany. 'Let's keep them within the same compa- are looking for! A few other companies have attempted ny.'" to cater to tweens, but none have come Moving away from the mall is a good close to approaching Limited Too's suc- way to find new clientele, analysts say. "It's cess. "There is no one else of our si?.e or a really smart move because it's enabling stature. Anyone who has tried has found them to cater to a larger portion of the de- it's more difficult than they thought," Ray- mographic than they already cater to," den says. "Other stores, like Kohl's, Old says Tubin. "Justice caters to the same age Navy or Target, carry clothing for tweens, as Limited Too, but the higher prices at but the product line is only one of many." Limited Too prevent some shoppers from A store that carries everything a girl shopping there." could want is a big draw, says the analyst Separate design teams create clothes Tubin.
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