Britain’s optimism has taken a severe beating as the reality of rising costs hit home. Consumer confidence in March plummeted almost 30 points to -20, the quickest rate of decline since 2008's global financial crisis.
Over 17,200. That’s the number of chain store units that were lost to the pandemic and online retail last year, with physical fashion retailers and high streets taking the biggest hit, according to accountancy firm PwC.
According to a study by consulting firm PwC presented in Florence on Monday, Italy’s fashion market is expected to be worth €81.3 billion in 2023, up from €78 billion this year, still penalised by reduced tourism.
Seasalt is preparing for a particularly strong 2022 after the contemporary lifestyle brand outperformed over Christmas. So buoyant is the retailer, it has engaged the services of PwC to advise on its strategic options.
At the event’s inaugural conference, Pascal Morand, executive president of the French Haute Couture and Fashion Federation, presented a software to measure the event's impact, and the federation’s support of new labels.
Chain store closures in the UK continued at an alarming rate in the first half of 2021, with fashion the biggest casualty. A total of 1,063 fashion stores closed in the first six months, alongside 120 department stores.
Just how tough UK retail’s pandemic mauling has been — especially for fashion — came into stark focus on July 30. More than one in seven stores are now vacant on UK high streets, retail parks and in shopping centres.