Lockdown news and archive

China gears up for revenge shopping, again

China was one of the first countries in 2020 to successfully emerge from the pandemic, after stringent lockdowns enforced by the government curbed the spread of Covid-19. In May that year, the term ‘revenge shopping’ was coined, where a sharp growth in purchases after a period of crises sees consumers returning to stores. Queues outside luxury...

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Management

Primark revenue and profits hit by store closures

Primark has reported a drop in half-year sales and profit as Covid-19-related store closures continue to impact the retailer. The fast-fashion giant’s revenue fell 40 percent to 2.23 billion pounds for the six months to February 27, with the majority of its stores closed for more than half of the period. Unlike many of its rivals, Primark doesn’...

Retail

How Gen Z consumers shop

The Coronavirus has changed the way consumers shop. Given the various lockdowns throughout the last year, the fashion retail landscape has shifted to consumers purchasing more products online. Generation Z, those born between 1995-2010, have a significant buying impact and, according to new reports, have a spending power of 140 billion dollars...

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Business

How the pandemic affects countries reliant on manufacturing and production

One year of Corona - one year of lost sales and continuous uncertainties for the fashion industry and global trade. How does this affect the countries where garments are manufactured and produced? Shortly after the Corona outbreak in March of last year, it quickly became apparent that the pandemic would have long-lasting effects across the...

Retail

New West End Company calls for urgent government support

As retail reopens in England and Wales, the New West End Company, which represents London’s West End shops and hospitality venues, is calling on the government to offer urgent target support to help businesses recover from what it calls the “devastating impact of successive lockdowns”. New West End Company, which represents 600 businesses across...

Retail

Shoppers flock to stores as retailers in England and Wales reopen

Shoppers in the UK flocked to stores on Monday as non-essential retailers in England and Wales reopened after months of lockdown. Up until 10am, footfall across all UK destinations increased 218.2 percent week-on-week. Breaking that down by locations, footfall in shopping centres saw the biggest improvement, up 339.7 percent, while high streets...

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Business

Unsold fashion: What happens to merchandise when stores are closed?

Since the pandemic outbreak, the fashion industry has been fearful of vast amounts of unsold merchandise from brick-and-mortar stores. Last spring, many designers and brands postponed a part of their collections to 2021. However, now, even in 2021, the world is seeing months-long lockdowns. With an unusual winter and collections being pushed...

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Management

H&M swings to Q1 loss, net sales down 21 percent

Swedish fashion giant H&M swung to a loss in the first quarter of the year as it continued to feel the impact of the pandemic. The company reported a loss after tax of 1.07 billion Swedish kronor in the three months to February 28, compared to a profit of 1.93 billion kronor a year earlier. It came as H&M’s net sales dropped 21 percent in local...

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Fashion

A year studying in lockdown at AMD: "The digital does not replace life"

Not only the fashion industry has been dependent on the changes brought about by the pandemic for the past year. Fashion students have also been affected, bouncing back and forth between ‘homeschooling’ and hybrid teaching - depending on current federal and state corona regulations. In Germany, Sabine Resch, Dean of Studies for “Fashion...

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Management

Frasers Group calls business rates relief ‘near worthless’, mulls store closures

Mike Ashley’s Frasers Group has described the business relief package announced earlier this week by the government as “near worthless” support for bigger businesses. Chancellor Rishi Sunak announced Wednesday the 100 percent business rates holiday would be extended until June, after which a discounted of two thirds will be available for the...

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Report

Budget 2021: ‘Restart Grants’ for retailers, business rates holiday extended

Chancellor Rishi Sunak unveiled his budget for 2021 on Wednesday, which included more support to help retailers ride out the pandemic. The 100 percent business rates holiday introduced last year has been extended until the end of June. After that, a discount of up to two-thirds will be available for nine months. The government said it has...

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Management

UK furlough scheme extended until end of September

The UK government has announced it is extending the country’s furlough scheme again, this time until the end of September. Chancellor Rishi Sunak said Wednesday the Coronavirus Job Retention Scheme (CJRS) - which sees the government pay 80 percent of employees’ wages for hours not worked due to the pandemic - will be extended by a further three...