Worried High Street Brands Discount Stock.
Music by: Disk Space – Tangent Edges.
It’s CULTED with your 60-second FASHION BLAST.
High street and online retailers across the UK have discounted their latest season’s products. This comes as poor weather and the coronavirus reduce the demand for Spring stock.
On the high street, New Look is running a 25% discount on all dresses as well as other products. Topshop also just had the exact same sale and is now offering 60% off a range of products.
The head of one high street retailer told Drapers “many people have yet to make the psychological switch towards spring.” He went on to explain that the coronavirus has had a significant damaging impact on sales:
“Brands that rely on international tourism are also possibly finding it hard because of a slowdown in visitors caused by concerns over coronavirus.”
As well as less international tourists, shopping malls and high streets are also taking a hit with some customers wanting to avoid crowded areas due to the outbreak of the virus.
The virus is also causing manufacturing issues with factories being closed and travel bans affecting trading.
It’s not just the highstreet that’s suffering. The online retail world is also being hit hard.
Stay tuned for our video tomorrow exploring the coronavirus’ impact on online fashion retailers.
Watch more videos on CULTED
See also: MFW CUT SHORT DUE TO CORONAVIRUS