A little of both. When you first get it from the store, it's pretty stiff and structured, but when you put your stuff in it, it feels softer. I think it gets slouchy over time and wear. I never get bags at full price; I guess because I was doing an exchange, but I wonder if they would honor my PCE from last week because I didn't see anything I liked at the time, nor had the time to look!Wow!!! Love it... A must have... Is it structured or kinda slouchy?