What’s Happening with Stock in Stores Closed by Cover-19.
Music by: Simon Sizer – Ares.
It’s CULTED with your 60-second NEWS BLAST.
With stores around the world closing as a result of COVID-19, what is happening with all the stock trapped inside?
Millions of pounds worth of fashion merch is aging and losing value day by day. The spring stock trapped in stores is quickly set to become outdated, with summer stock hitting the shelves after Easter. So what are businesses doing to shift what is quickly becoming deadstock?
The obvious option is online sales. Of course, loads of brands will be moving stock from stores to e-commerce. But online sales alone won’t be nearly enough to make up for all the lost business from closed stores.
Some companies, like Macy’s and JCPenney, will offer stock to brands like TJ Maxx, who will pack the clothes away ready for next year. Other stores may also contact liquidators for bulk purchases.
But getting rid of all these clothes will be difficult. With almost every retailer being closed, the amount of businesses trying to flog stock is sky-high. With this being said we’re hoping that these unsold clothes don’t end up in landfill.
What do you think is the best solution here?
Let us know below.
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See also: BRANDS JOIN THE FIGHT AGAINST CORONAVIRUS
See also: CORONAVIRUS’ IMPACT ON THE FASHION INDUSTRY
