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As Seen in The Wall Street Journal and Harvard Business Review
Tie Rack - Failure Museum

Founded in 1981 and peaking at 450 stores, Tie Rack was a British-based tie retailer that also sold scarves and cufflinks.

By 2013 all the stores were closed since wearing a tie was not that necessary anymore in business meetings. Plus most men got their ties from the same place they get their shirts so no longer needed to go to a tie only store.

Tie Rack is another good example of how not adapting to the changes can cost your business a lot. If Tie Rack was able to change its products or come up with a more unique idea for selling ties, it might’ve still been around. Unfortunately, with men’s interest in ties declining, Tie Rack wasn’t a necessity anymore. A business should be able to change its operations with people’s demands if it wants to keep its customers.

Picture of Sean Jacobsohn

Sean Jacobsohn

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