Feedback
A pioneer B2B media and publication platform connecting with Fashion Brands & Retail in India

COVID 19: Strategies fashion retailers can adopt post lockdown

COVID 19 Strategies fashion retailers can adopt post lockdownCOVID 19 is likely to plunge many countries across the global into a negative growth. However, the Indian economy is expected to continue on its growth trajectory after the crisis is contained. Even so, rebounding from depression and reinvigorating the supply lines back to normalcy would be extremely difficult as the month-long lockdown has posed many challenges for industries across the country. Worst affected is the fashion retail sector which is losing huge revenues as most shopping avenues including malls have being closed.

COVID 19 has also posed another big challenge for retailers that of changing consumer spending behavior and capacity. Fashion being a perishable commodity, it would now be difficult for retailers to sell their loaded inventories in warehouses. They would have to re-structure their operating models to boost sales.

New strategies for survival

Retailers will also have to devise new strategies to deal with their fixed business costs like rents. One way could be include the force majeure clause in theirCOVID 19 Strategies fashion retailers can adopt agreements. This would help them work out a revenue sharing deal with landlords. They can also reduce all overhead expenditure by reassessing their operation costs and plugging cost-intensive leakages. Expansion plans can be shelved till the time till pressure on cash flow eases. A careful and cautious sales projection and a balanced approach will save retailers from both over or under production.

It is also important to take care of their workforce during these times. They should bear the responsibility of non-appealing circumstances such as salary cuts and not to resort to layoffs.

Moreover, a strong and positive communication with all stakeholders including employees, channel partners and vendors will help retailers tide over the current crisis. A close and compassionate connection with employees will prove to be a critical factor for their success in the post-COVID era.

Maintain hygiene standards

The COVID-19 hangover is likely to remain for the entire year. Hence, retailers should follow all measures issued by the government, ministries and other agencies during and after the lockdown. They should ensure compliance of high level sanitization and hygiene practices in their shops and factories. They should also provide safety and PPE kits to employees.

Focus on domestic opportunities Going digital will help amplify business prospects in post-COVID times. They should look for a more homegrown, nationalized opportunities and solutions for growth. On the whole, India should look at providing reliable, safe, and democratic alternatives, and seize newer markets. It should aim at forming stronger bonds with countries across globe and rebuilding its own and world economy together.

LATEST TOP NEWS
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10

CMAI requests government to levy additional import duty on RMG imports

CMAI requests government to levy additional import duty on RMG imports

The Clothing Manufacturers Association of India (CMAI) has written to the Minister of Textiles Smriti Zubin Irani, and the Minister of Commerce and Industry Piyush Goyal to consider levying a... Read more

India’s activewear market to reach Rs 997.8 billion by 2024

India’s activewear market to reach Rs 997.8 billion by 2024

A report titled, ‘Activewear Market in India 2019’ by ResearchAndMarkets.com, says the activewear market is estimated to reach Rs 997.8 billion by 2024, expanding at a CAGR of ~13.59 per... Read more

DFU Live Webinar #2: Highlights challenges to lure reluctant customers back to s…

DFU Live Webinar #2: Highlights challenges to lure reluctant customers back to stores

The Webinar #2 organized by DFU Publications-DFU LIVE in association with TRRAIN on the theme: ‘Consumer Bulao, Retailer Jitao’ (Spiking Consumption, Winning the Customer Back), saw experts highlighting the challenges involved... Read more

Indian apparel players gear up for the new normal

Indian apparel players gear up for the new normal

With the pandemic impacting both apparel manufacturers and retailers in India, these industry players are preparing themselves for the new normal. Speaking at a recent webinar by the Retail Association... Read more

CMAI welcomes economic package announced by the finance minister

CMAI welcomes economic package announced by the finance minister

CMAI has welcomed the measures announced by Nirmala Sitharaman, Finance Minister, especially those connected with the Government’s support to the MSME Sector – on which she focused on today. According to... Read more

Indian brands brace up with new strategies for post COVID-19 retail

Indian brands brace up with new strategies for post COVID-19 retail

With COVID-19, consumers are more likely to click their way to shopping from within the safe confines of their homes, hence, retailers across India are planning to double their investments... Read more

DFU Publications, TRRAIN webinar on spiking consumption post lockdown on May 15

DFU Publications, TRRAIN webinar on spiking consumption post lockdown on May 15

Uncertainty looms large across the fashion and retail world with no clarity about what could be the state and type of consumption pattern of fashion and apparel goods, largely considered... Read more

Lingerie business shrinks but demand to rise post lockdown

Lingerie business shrinks but demand to rise post lockdown

COVID-19 crisis is likely to result in a $9 trillion loss for economies worldwide. Many developed economies like Germany, France, Italy, Spain, Great Britain and US and several nations of... Read more

Delhi malls gear up to boost consumer confidence post lockdown

Delhi malls gear up to boost consumer confidence post lockdown

The global lockdown to check the Covid-19 has malls across India suffering the adverse effects of the pandemic. The major focus of malls in Delhi post lifting of lockdown will... Read more

Almost 54 per cent consumers to cut expenditure in malls: BCG Report

Almost 54 per cent consumers to cut expenditure in malls: BCG Report

A report by Boston Consulting Group (BCG) says, about 54 per cent consumers are expected to cut spending in malls largely to avoid crowds while boosting spends on channels like... Read more

MOST POPULAR NEWS
Go to top