The past month has been turbulent for the fashion industry: cancelled fashion shows, closed shopping malls and big losses even for major online retailers. Many people stopped shopping for various reasons such as depression, fear or financial hardship. Many online retailers are currently offering deep discount for their unsold collections. Which stores will disappear after the crisis of 2020 and which will make it or maybe even show growth?
Stores and chains that will more likely disappear: the ones that have been struggling prior to the crisis. The ones that have been closing multiple locations and discussing bankruptcy options for the past couple of years. There are big names, such as Macy’s and Neiman Marcus among them.
Stores and brands that are in danger unless they drastically change their philosophy: fast fashion chains and brands - from mass market all the way to high end. They are currently showing troubling decline in sales and some are even not planning to release fall collections. They do have a chance of course if they change towards sustainability and consciousness.
Stores that will most likely survive - athletic and loungewear brands, especially environmentally-friendly ones, stores that have quickly adjusted to the new reality and already changed their collections, and of course major high-end designers that sell timeless pieces. No, that Birkin bag is not going anywhere anytime soon. In fact, Hermes made record $2.7 million sales on their post-quarantine opening in China according to @pursebop.
Comments