5 takeaways from Edited’s webinar on post-Covid retail opportunities
Retail market intelligence platform Edited presented a webinar on Wednesday titled “Decoding the Biggest Retail Opportunities in a Post-Covid World”, discussing the impact of the pandemic on the fashion and retail industries as well as key assortments and categories to keep an eye on the future. Led by retail strategists Grace Mellor and Rosalie Wetzel and retail analyst Krista Corrigan, we learned more about which fashion categories to focus on, changing consumer behaviors and best performing trends for the coming months. FashionUnited reduced the five key points of the conference.
New strategies appear for department stores
A report from The Fashion Law found that 27 bankruptcies have taken place since April 2020. However, department stores are slowly emerging from the effect of the pandemic: According to Mastercard’s SpendingPulse, their sales increased 202% in April compared to the same period last year and 10% compared to 2019. Over the past year, many strategies have emerged to help department stores find their way back to customers. They’re hosting more pop-ups – think Pangaia and The Fold at Selfridges in the spring – and creating experiences for customers, so they’re drawn to physical retail and in-store shopping. Partnerships and direct buying – a good example being Nordstrom launching its own dedicated page on its website – are also two ways to develop a new and diverse physical presence. Finally, both technology and innovation are ubiquitous in today’s strategies and should be embraced by more pillars of the industry. Whether it’s QR codes or interactive experiences, connected stores seem like a sure-fire way to win over customers.
Loungewear is by far the most successful category of the last year
Loungewear has been particularly important since the lockdown, meeting the needs of guests to be comfortable while looking good when staying at home. We saw the Zoom clothing trend emerge, focusing on the idea of looking neat and professional while still being comfortable and comfy – probably in leggings and sweatpants. According to Edited, retailers reduced their inventory of blazers by 19% year-on-year, but increased their selection of hoodies by 32%. Additionally, from April 2020 to 2021, the supply of sweatpants grew 67% year-on-year. There was also a preference for flat shoes, confirming a need for easy clothing and comfortable accessories. The key styles? UGG sneakers, fluffy slippers and boots.
Swimsuits are coming back
The swimwear category is making a strong comeback, with a noticeable revival this year. Edited revealed that store arrivals increased 7% and sales increased 34%. In the UK we saw a 26% increase in the category, with consumers looking for a way to get away from it all and enjoy the summer months, even if they don’t necessarily leave the country or go to exotic destinations. When it comes to swimwear trends, solid hues have been particularly popular, but so have more daring pieces with feminine cutouts and details – a trend that has also been widely seen in clothing collections. for women.
Feminine streetwear is here to stay
Streetwear has been a mainstay of women’s wardrobe for years, but it is still a category that attracts consumers more than ever. Edited explained that the number of new arrivals has increased by 53% since 2019 and 50% year-on-year, with the key items being down jackets, bobs and sneakers. Women’s streetwear is taking a step forward, however, to 2022, with a rise in genderless fashion and a slowly lowering barrier between gender categories.
Ranges of household items on the rise
With so much time spent indoors over the past year and a half, being comfortable in our home has become necessary to evolve in a positive and healthy environment. Household goods lines have increased due to the pandemic, with assortments increasing 104% at fast-fashion retailers. Over the next three years, the US market alone is expected to grow by 20%. Edited revealed that there has been a spotlight on affordable accessories – think H&M and Zara Home – and decorative pieces – think Anthropologie – mainly due to Generation Rent and its young adults unlikely to own in a near future.