In December, it was reported that winter clothing sales were declining on the east coast because of warm weather and later that post-holiday sales numbers were disappointing for fashion retailers. Now, people are reporting that apparel specialty stores have lost millions of dollars because of the weather.
In an article on Fashionista, Eliza Brooke uses data from Planalytics to describe the financial losses apparel stores have seen saying,
According to data compiled by Planalytics, a research firm that tracks the impact of weather on businesses, the warmer temperatures cost apparel specialty stores — a category that excludes department stores and sporting goods stores — $572 million between Nov. 1 and Dec. 31, compared to the same period last year. That breaks down to a loss of $185 million in November and $387 million in December.
Brooks further explains that the clothing categories who’s demand have declined the most are winter coats with a 10% national decline and boots with a 12% decline. While those sales numbers only include apparel specialty stores, department stores are still losing more money because of declining winter clothing sales. So much so that Macy’s has announced that it will be closing some of its stores this spring.
According to an article on the Huffington Post, Macy’s announced that it would be closing 36 stores in addition to about 4,800 job cuts because of the cost of last holiday season’s sales. That is further exemplified by Terry J. Lundgren, CEO of Macy’s, who said that the company’s goal is to cut costs up to $500 million in a press release from Macy’s. You can also see a list of what stores Macy’s will be closing in the press release.
Winter clothing sales may still down but I think that spring and summer clothing won’t have declining sales. Retailers just need to wait for spring and summer and they will see sales start to increase. Those are the seasons when people buy the most clothes which is also why spring/summer fashion shows are more important than fall/winter shows. That’s why the September issue of Vogue is the most important.
Also, department stores should start selling more clothing through websites like amazing as online shopping seems to be part of the reason sales are declining. Stores weren’t as crowded on Black Friday because of sales online. Retailers should start doing things like that.
So, what do you think? Do retailers just need to wait for spring and summer? Let me know in the comments below. Also, don’t forget to subscribe to get new posts sent directly to your inbox and follow me on Facebook, Instagram, and Snapchat.
Image Sources: (Featured Image)Got any tips? Send them to me here and it may be featured in a post! firstname.lastname@example.org