“I was in the malls all Black Friday, and I’m in the malls all the time, and the energy out there is very exciting,” she says. “The U.S. consumer continues to tell us that there’s a reason to shop out there.”

Those consumers have been giving Abercrombie a fresh look—both in stores and online—ever since Horowitz orchestrated a complete makeover of the teen apparel retailer. She has closed under-performing stores, opened smaller ones, and remodeled others. She has also invested nearly $500 million in the retailer’s online business. 

 “We’re seeing our brand health increase,” she says. “We’re seeing lots of positive KPI’s (key performance indicators) that really point to the fact that the investments we’re making and the changes we’re doing are paying off.”

Abercrombie, based in New Albany, Ohio, has four brands that contributed to its 2018 revenues of $3.5 billion: Abercrombie is the core brand aimed at young millennials; Hollister targets teen consumers; Abercrombie Kids; and Gilly Hicks, which sells lingerie and sleepwear.

Horowitz acknowledges all the progress she has made in rebuilding Abercrombie, but says there is still work to do. The most important item on her 2020 agenda is to close even more stores around the world, but she is quick to add that she is a big believer in the power of stores.

“Stores matter. Stores are important to our future success,” she says. “It’s the right size of stores and the right location.”

Watch the video above for more.