Retail Revival In 2021? Not So Much
Retail is not coming back in 2021, and it's not even close.
Yes, it's back somewhat, but not like before. I just did some research yesterday on retail stores in the Cleveland, Ohio area (Nordstrom's, Marshall's, Nordstrom Rack, etc).
Here's what I found from our research/visits:
I think Retail may struggle to hit its 12% 2021 growth targets. Retail is not back. It's changed - and it's worse.
Inventory is off at LEAST 20% from pre-pandemic levels. That is the baseline.
Full-size runs are a thing of the past. The watchword from the staff was "if you like this, we can order it for you." Most styles had only 1-2 sizes in the run. What's the point in being in a store if you can't try it on?
Speaking of trying on - half of the dressing rooms were still closed. In some stores, all dressing rooms were closed.
Some entire sections of departments had only 1-2 items IN THE WHOLE AREA. Where are the items? It's May!
And the inventory that was there. In full Nordstrom's casual ruled the day. Forget about buying designer clothing. Even contemporary fashion brands are squeezed and pushed into a smaller space. Casual, sweats, flip flops, and jeans as far as the eye can see.
Staffing is limited/overworked.
What are you seeing?
