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Apparel retailers strategize & innovate to survive slowdown
25
Jul '09
Financial problems are growing at an alarming rate even for big retailers and suppliers. Small and medium sized retailers see their cash flows drying up. Suppliers who provide products to big garment manufacturers and retail chains are also burning their fingers.

Summing up with the issues of the crisis bitten industry, the ultimate scenario is; shortage of merchandise, cost cuttings, shut downs and layoffs.

With stagnation in the economy, apparel retailers are facing a slippery slope. Individuality and innovation needs to be utilized to employ creative tactics to enhance the customer understanding. Retailers are now offering exclusive merchandise, and more focused customer service.

Retailers attempt various strategies to increase their sales figures during the slump, and also to maintain the level of customer satisfaction.

High end shops such as Coach, Saks, and Neiman Marcus will be having more mid priced merchandise in their store racks. Target, Wal-Mart, and Home Depot will be winnowing their brands.

Levi Strauss, the denim specialist which has recently acquired 73 stores all over the US has declared that it will continue its investment in brands, despite currency fluctuations and declining sales.

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Fibre2fashion News Desk - India

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