The coronavirus pandemic has impacted the economy and society of the USA that surpasses the effects of its previous disasters, such as the Revolutionary War, the Civil War, and the Great Depression. The country never has such great hardships and lost so much in a short span. It has fired many employees, cut down trillion dollars out of the market, and endangered the survival of hundreds of thousands of American companies.
COVID-19 Hits Fashion Retailers Hard in the US
The economic and social impacts of COVID-19 were unprecedented and have caused the fastest and largest shift in the fashion industry. Many lost jobs, incomes, homes, savings, and retirement incomes overnight. It is suggested that the US may go from the lowest unemployment rate in our lifetime to the highest within weeks. The fashion retail industry has suffered a significant loss of all the other sectors. Many fashion designers and brands have come forth to share their grievances.
Vogue recently interviewed a few of the fashion retailers and enquired about their challenges. Andrey Dryden, the co-founder of LA’s menswear mecca Departamento, during the interview, said, “The supply chain is severely affected by this. I can only imagine, in the coming months, how it will affect things for next season… There is no question that it will be a challenging year ahead of us.”
Lockdown is just one of the concerns of the fashion brands; the real problem that stands in their way is less cash flow. Sales can’t alone fix the situations, instead, keeping everyone employed and health fitness, including mental and physical. Retailers, too, have been forthright about the struggles posed by “stay-at-home” and “shelter in place” regulations.
Recently, the CFDA and 90 business groups, like the National Retail Federation, the Accessories Council, and the Fashion Footwear Association of New York, wrote a letter to the White House. The intention of sending a letter to President Trump was to bring his attention to leading the house’s predicaments. They also called for his intervention for economic stability amidst the coronavirus pandemic. The letter concludes by encouraging policymakers to develop proposals that support the retail workforce and to provide a “bridge” for retail businesses of all sizes to stay viable during the crisis.
Read More- https://www.idesignibuy.com/us-retail-industry-calls-for-support-as-pandemic-hits-brutally/