When the global pandemic commenced, fashion businesses became more concerned than ever before. As lockdowns and quarantine restrictions began, retail firms struggled to sell and failed to continue their operations and substantial sales losses have been exacerbated by many clients losing their jobs. For this reason, along with the push of “social distancing” many buyers felt it would be the demise for all businesses including fashion retail. Fashion brands also began to feel the downwards shift in sales as online home orders were on the rise made and consumers had no desire to look “fashionable” well working from home. A thought whether "fashion will still be relevant?" had raised doubts from these organizations and questioned if fashion in today's world would still have considerable significance to their consumers. But does that mean there will be an end to the future of fashion?
An interview with Professor David Soberman, Canadian National Chair in Strategic Marketing, in the Rotman School of Management at the University of Toronto, shares his thoughts and views on the future of fashion and fashion retail during COVID. “This is certainly a big shock to both fashion and fashion retailing in Canada and worldwide because of the pandemic, people are going out much less and not getting dressed up. They are wearing lots of casual/comfy clothes since they are at home most of the time”. Professor Soberman believes many well-known companies will not make it through the pandemic. As per a recent post on wwd.com, Le Chateau is a fashion company that was seriously affected by the pandemic.
During lockdown, workers were less interested in the latest
styles and leaned towards a more casual attire while working from home. Over time,
fashion brands and houses started to become more concerned that the fashion
industry would be less important and sales would suffer.
It is less relevant for people who work at home Professor Soberman mentions. He says “Society today however enjoys being social and once the pandemic is over, people will want to see each other and clothes since the beginning of time have been a way of communicating with others”. Professor Soberman continues to say, fashion is seen through community membership, such as supports of sporting teams and conformity (very true in religious communities), fashion portrayed in those ways is never going to change.
Back in mid-March as lockdown commenced globally, firms were shut down and therefore an online solution to all sales tactics kept them alive. This meant that consumers wishing to shop at retail locations was no longer accessible. But does this mean that all brands are going to turn to online sales and hence the demise of all stores? Professor Soberman, considers that “Retail stores will regain their relevance because people like to shop and try things on. However, a much greater fraction of people will be happy for many things to order online and just send them back if they don’t fit. Traditional fashion retailing will be important but it will be tougher”. Throughout the past year, apparel retailers have retained a strong sales margin by selling online. Nonetheless, as Professor Soberman states above, it was “tougher” by doing so because firms had to update their marketing tactics as well as provide sale incentives/promotions for their customers. In order to stay relevant, fashion labels had to implement new and innovative campaigns across social media platforms. Mr. Soberman says “Social media and influencers present tremendous opportunities for firms to capitalize on something which is popular and for small firms to act big and reach a huge audience.”
Since the COVID-19 pandemic has had massive impacts on the economy, many apparel firms had to lower costs throughout this past year however on the flipside others have been able to sustain higher prices on their products. Professor Soberman explains that it must be “unique” and “desirable” for firms to market a product line, and if so, only high costs should be sustained.
He states “However, for standard items lower prices will be needed because it is much easier for shoppers to compare prices online and find the best deal”.
Due to the unprecedented highs and lows experienced during the COVID-19 pandemic, fashion retailers have encountered a very difficult year facing many challenges both in the online and in-store sectors. Fashion brands can only hope that the economy can continue to thrive and that the future of fashion retail must rely on the following factors: influencers and celebrities as a marketing tool of continuing trends, affordability, innovation and accessibility as means of survival in this global pandemic.
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