More than a third of fashion brands (37%) will close stores this year, 56% of retailers will close physical stores, and 66% of shoppers will not visit a mall next year.
In addition, nearly one in five retailers is likely to move stores from major city centers to local neighborhoods in the next 12 months.
These results are taken from a Brightpearl survey and illustrate how customers have taken the e-commerce route in light of the ongoing COVID-19 pandemic and are also looking to buy locally, according to a press release on the results of the investigation.
“Customers have moved online of course, but they’ve also moved to suburbs and rural towns, which is reflected in our new shopping habits. Retailers need to react to these changes and our data suggests many are already considering to move stores to street locations with increasingly heavy foot traffic, ”Brightpearl CEO Derek O’Carroll said in the statement.
On a positive note, 58% of retailers expect e-commerce to perform much better than the rest of their business over the next 12 months, the statement said.
“Over the next year, retailers will also need to improve their digital game to meet growing online demand and the expectations shaped by our new shopping models. Some savvy businesses are already considering adding local collection points to their online delivery. to capitalize on the increased customer preference for local purchases. It’s an execution strategy that makes a lot of sense, but it takes smart trading to be successful, ”said O’Carroll.
“To that end, it is clear that it will be the brands that are ready to adapt to this unique retail transformation that will experience the most long-term success.
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