This topic focuses on retail sales and the financial impact of the pandemic. Focus on financial issues. Do not focus on shopping or other merchandising techniques.
The Reply: Reply with meaningful analysis.
1. Contain referenced material and pleases include all references.
2. The Reply needs to be on topic, detailed, substantive, should not just be statements of agreement.
3. Adds new information to the Discussion and demonstrates critical thought.
The global pandemic has been a very uncertain time for the fashion industry. Covid-19 has had a mixed impact on the sales of fashion, with more people at home and connecting with others through the screen, the demand for styles has decreased however online sales are still increasing. The home retail industry has been doing quite well due to the fact that more people are spending time at home. This can go along with casual wear, people are spending more money on comfortable clothes from being at home. Brick and Mortars stores such as Macy’s have been struggling to stay afloat, but according to the third-quarter report, it states that same-store-sales were down by 20.2%. It also states that digital sales grew by 27% however that gain is not enough to make up all the loss. Store’s such as JCPenny that do not have a strong online presence relies on customers going to the mall. With the lack of mall shopping, they plan to permanently shut down at least 846 stores. Target is one of the retailers that have been thriving during this pandemic, their digital sales jumped to 155% according to Forbes. Target has expanded with curbside pickups, same day online delivery, and the variety of products to choose from has made it very convenient from a consumer standpoint. In this Forbes article, it says that Target’s total revenue rose to $22.6 billion which is a 21% increase from LY sales. Consumers are becoming more aware of the long-lasting impact fashion has on the environment. Many people are extending out to second-hand items or investing in timeless pieces. This behavior has led to the thrifting and second-hand luxury sale increase. Online reseller sites such as Posh mark and Thread up have been doing really well. This pandemic has shifted many people’s mindsets of consuming with a more sustainable approach. With more brick and mortar stores shifting to an online platform it allows these companies to really focus on the digital experience for their customers. As stores slowly begin to open up again, fewer people are still going out making it less possible for brick and mortar stores to stay alive.
During these overwhelming times, it is important to take a closer look into how COVID-19 has obstructed the fashion industry. Especially, when it comes down to overseeing how Macy’s continues to ignore their foot traffic in heavily impacted states. As we may know many large brick-and-mortar retailers have some time to do a bit of fiddling with their business versions to win back clients who have been lately revisiting department stores.
In the meanwhile. Macy’s continues to struggle but cannot seem to make it back on the right track. A second-quarter earnings report was released to give an earing report of what it seems to report the Macy’s had stated its revenues for the past three months and in August of TY were approximately at $3.56 billion, V.S. to LY was at around $5.55 billion. But this did top one of the consensus forecasts for sales of $3.47 billion and this department store did lose about $251 million and a loss of 81 cents per share TY as compared to LY sales it has adjusted the profits of $88 million and only had to earn 28 per share. As reported by footwear news, their foot traffic has been down more than 40% year-over-year but some stores that are located can see a huge turnover out of 95% can see visits that took place this past April.
The constant unknown is what most consumers fear for this pandemic, therefore, we are seeing the majority of the economic effects are hitting the retail industry practically the ones that filed for Chapter 11 bankruptcy and those few were Century 21, Neiman Marcus, and JCPenney. The stores that have been doing well in this market do include Old Navy, Athleta, Burlington, and Ulta beauty according to CNBC. Since their stock percentages have been hitting at ultimate high due to it being one of the strongest performing retail shops. The market Capitalization for Gap Inc is around $6.5 billion due to a new role out of how Athleta and Old Navy are at an exact number for the planned opening of new stores while owing a shut of 225 Gap and Banana Republic stores. For Burlington’s sales during the second quarter, it has felled 39% to $1.01 billion. As its inventories did not match with consumer demand but for the retailer’s competitors which are TJ Maxx and Ross Stores. The speed of sales at stores as they have reopened that drastically surpassed internal anticipations. For example, TJ Maxx did experience a continuous drop in the same-store due to the ongoing pandemic, moreover, its decline did go up to 20% in the third quarter of 2020. For more information on Financial Impact of the Pandemic visit this: https://edition.cnn.com/interactive/2020/04/business/economic-impact-workers-coronavirus/
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