It is a somewhat worrying anniversary for INNO: the Belgian department store chain can look back on a rich history, but now needs to take drastic action to secure its future. Is the current strategic transformation plan sufficient?
Financial distress
When it opened on 2 May 1897, “A L’Innovation” – as the department store was originally called – was one of the pioneers in Europe. The industrial revolution meant the birth of a new economic model: luxury department stores were the inventors of modern retail. The mere fact that INNO managed to survive for 125 years in a turbulent sector is therefore worth celebrating.
