Coronavirus or Covid-19 seemed like a distant shadow when 2020 started. I think nobody knew or could predict the actual extent to the pandemic. As Boris Johnson said the devilish disease, coronavirus will eventually change our lives forever.
It is common knowledge that airlines, hotels and hospitality will suffer the consequences the most. And there will be many redundancies among those sectors. On the other hand, fashion retailers will be second to none in that field as scared people will avoid going to the shops and try to buy as much online as possible. Debenhams, for example, just closed all their stores in Ireland and it is one of the retailers that just filed for bankruptcy. People shopping habits are changing. Customers are buying more online and avoiding as much as possible going to public places.
What would be the future of fashion retail?
Fashion retail will eventually experience massive online growth. And the business of personal shopping will actually grow. According to personal shopping London, their services have experienced a massive demand in the last month where customers are booking an appointment for one to one consultation as apparently they feel safer by going to a small boutique and have an individual shopping experience.
It is really hard to predict the actual economic outcome of this crisis, however, some experts advise that many jobs will be lost and companies will go bankrupt. Small boutiques and fashion retailers might eventually benefit from this if consumers perceive less risk of shopping in smaller shops than going to department stores or shopping centres.