Dublin, Feb. 18, 2021 (GLOBE NEWSWIRE) -- ResearchAndMarkets.com published a new article on the retail clothing industry "Clothing Retailers Reduce Presence in Malls as Growth eCommerce Expected to Continue"
In 2021, the shift to digital channels is expected to accelerate with many clothing retailers placing increasing emphasis on their online offerings and reducing their number of physical stores. Malls saw significantly lower foot traffic in 2020 as consumers avoided shopping in enclosed, crowded spaces due to coronavirus concerns and several retailers have announced plans to close mall based locations. American Eagle has announced plans to close between 200 and 250 of it's approximately 880 stores in the next two to three years.. While Gap Inc., the owner of the Gap, Banana Republic, and Old Navy chains, plans to have closed 30% of its Gap and Banana Republic stores in North America by the beginning of 2024. About 80% of revenue from Gap and Banana Republic is expected to come from ecommerce and from off-mall locations like outlet stores and strip malls.
The COVID-19 pandemic had a significant impact on brick and mortar retail. Temporary store closures and a massive shift to online shopping among consumers resulted in lower revenues and led several clothing retailers to file for bankruptcy in 2020. As a result there has been an increase in the number of storefronts available. Analysts predict that this may create opportunities in 2021 for established and emerging clothing retailers to open pop up shops to test new retail concepts without having to commit to a physical store.
The article on ResearchAndMarkets.com contains a selection of reports on clothing retail such as:
- Global Apparel Retail
- Clothing Stores Miscellaneous Revenues World Report & Database
- Where and How Consumers Shop in Fashion and Luxury Goods
To see the full article and a list of related reports on the market, visit "Clothing Retailers Reduce Presence in Malls as Growth eCommerce Expected to Continue"
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