The Limited

The Limited is an American fashion retailer specializing in women's apparel, accessories, and lifestyle products. Founded in 1969 by Leslie Wexner in Columbus, Ohio, the company became one of the largest specialty retailers in the United States during the 1980s and 1990s. At its peak, The Limited operated over 3,000 stores across multiple banners, including The Limited, Express, Limited Too, and other concepts, establishing itself as a dominant force in American retail with a focus on contemporary women's fashion.

The company's early growth was driven by a pioneering approach to vertical integration. Rather than simply buying and selling merchandise, The Limited controlled design, manufacturing, and distribution directly. This strategy allowed the company to maintain tight quality control, respond quickly to fashion trends, and protect margins during its aggressive expansion through the 1980s and early 1990s. The company operated its own distribution centers and manufacturing facilities to support this integrated model.

The 2000s and 2010s brought significant headwinds. Changing consumer shopping habits, the rapid rise of e-commerce, and intensifying competition from both traditional retailers and online-only brands forced The Limited to fundamentally rethink its business. The company spun off Express Inc. as a separate public company in 2010 and divested various store concepts. Multiple restructurings followed, and the physical footprint contracted substantially.

As of December 2025, The Limited operates a considerably smaller store base focused on select markets, with emphasis on its core women's apparel business. The company is not actively expanding. Instead, it has shifted to a selective, performance-driven approach to real estate, closing underperforming locations and optimizing the remaining portfolio. E-commerce has become central to the strategy, with the company maintaining an active web presence at www.thelimited.com alongside its brick-and-mortar operations. The Limited remains headquartered in Columbus, Ohio, where it was founded over five decades ago.

For commercial real estate professionals, The Limited illustrates the profound transformation required of traditional specialty retailers in an era of digital commerce and shifting consumer behavior. While the company's store portfolio has contracted dramatically from its historical peak, it continues to evaluate locations and manage its real estate based on performance metrics and direct-to-consumer demand patterns rather than pursuing systematic expansion.