When Drapers splashed on “the new reality” very last March, we experienced no strategy it would however be in place a 12 months afterwards. Operating from dwelling and the momentary closure of “non-essential”retail have now grow to be the norm.
The effect on style retail has been seismic: product sales plunged seventy five.7% and forty nine.3% in March and April 12 months on 12 months, the Office environment for National Figures (ONS) noted. By the close of the 12 months, apparel product sales were down 25.1% on 2019, earning style the sector “worst afflicted by restrictions”, stated the ONS.
For merchants, it grew to become apparent early on that the reverberations from the pandemic would be lengthy long lasting.
When announcing Marks & Spencer’s comprehensive-12 months final results in May well, CEO Steve Rowe stated: “While some buyer patterns will return to regular, other people have improved endlessly: the development