In a historic collapse, retail spending in the United States nosedived again last month, dropping a record 16.4% as people avoided restaurants, bars, stores and malls during the coronavirus pandemic. Even a new report from McKinsey estimates revenues for the global fashion industry (apparel and footwear sectors) will contract by –27 to –30 percent in 2020 year-on-year. McKinsey went on to note that if stores remain closed for two months, McKinsey analysis approximates that 80 percent of publicly listed fashion companies in Europe and North America will be in financial distress.
With so much uncertainty around fashion and the retail landscape, Fast FWD has enlisted Meg DeCubellis, a professor of Fashion Design at The Rhode Island School of Design and Rich Stein, CEO of Digitize Your Brand to discuss the future of physical retail, and how fashion designers and business leaders can build shopping experiences for a post-COVID-19 future.
Meg DeCubellis, a professor of Fashion Design at The Rhode Island School of Design
Rich Stein, CEO of DigitizeYourBrand