The pandemic has prompted clothing subscription company Rent the Runway to shut all of stores for good. Rent the Runway made this decision in order to focus investments on digital segment and adding more drop boxes for customers. The company will turn its New York City flagship store into a permanent drop-off site, while stores in Chicago, Los Angeles, San Francisco and Washington, DC will be closed.

Rent the Runway plans to continue to grow its network of drop box locations. The company has partnered We Work, Nordstrom and West Elm so far. In March, it laid off all retail staff to reassess business model. Costs were cut by 51 per cent at the onset of the pandemic. And it rewrote the terms with its suppliers to pivot to a revenue-sharing consignment model, away from a wholesale model that required additional capital upfront, without a guaranteed payback.