Just this month, Jefferies cut the ratings of Abercrombie and Aéropostale to "buy" from "hold," saying the retailers are grappling to remain relevant with their core teen shoppers.
This week, Abercrombie and American Eagle reported sales at stores open at least 12 months continued to decline. Aéropostale is expected to report earnings in March.
The traditional teen retailers have lost their sway, according to Wendy Liebmann, CEO of WSL Strategic Retail—a consulting firm advising retailers and manufacturers around the world.
In fast fashion, Liebmann said, there's an "everyone is invited mentality"—a theme that hasn't been embraced by the old so-called "it" crowd of teen retail, which has long embraced logo wear.
"The teen market is looking for variety, value and they are very conscious of what they and their parents have to spend," said Liebmann. "They are feeling less inclined to being dictated to by some of the brands that have a very specific aesthetic."
(Read more: It's not as gloomy as you think for retail )
And, unlike Hollister, Abercrombie and even Target, fast-fashion retailers have figured out how to vary apparel and accessories quickly.
"Zara and H&M changed the whole world," said Bryan Gildenberg, chief knowledge officer at Kantar Retail, an advisory firm. He cites the pace at which they move and the cheap prices of their merchandise for their success.
Abercrombie is one of the biggest victims. It announced a restructuring plan that included closing all 28 of its Gilly Hicks intimate apparel stores late last year, after reporting a sharp drop in third-quarter sales. Estimates for the holiday season called for a double-digit decline, but the comparable-store sales for the nine weeks ended Jan. 4 fell 6 percent.
While the results came in better than expected, and prompted Abercrombie to raise its forecast, the results remain significantly below peak levels. The midpoint of management's earnings-per-share forecast for the fiscal year is 70 percent below its peak earnings per share of $5.45 in fiscal 2007.
"We recognize that our businesses have been and will continue to be disrupted by both fast fashion, H&M, Forever 21, and pure play eCom competitors like ShopBop and Asos," Leslee Herro, Abercrombie's executive vice president of merchandise planning and allocation, said during the retailer's investor day in November.
But, Herro added, Abercrombie is adopting strategies about speed and accuracy with these realities in mind.
Stifel analyst Richard Jaffe remains unconvinced. "We believe management remains focused on its 'clearly defined aesthetic' of an aspirational, New England prep-inspired teenager which we believe is no longer relevant today," he said in research note Friday.
Aéropostale and American Eagle declined to comment on this story.
The changing landscape is something Taubman Centers' Chief Operating Officer Bill Taubman addressed recently on CNBC's "Fast Money."
"Three 'A's' as we refer to them, they are all hurt—partly it's because they are logo-based, and we are sort of in an anti-logo moment," said Taubman.
But fashion comes in cycles, and Taubman believes these struggling retailers can make a comeback as long as they rethink their business models.
"I think logo will again come back. ... It never comes back exactly the same, but I think it can come back," Taubman said. "Obviously, they've been challenged but there is still the brand of the three 'A's' that has the most brand equity if you go around and ask the teens."
—By CNBC's Stephanie Landsman. Follow her on Twitter @StephLandsman.
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