Apparel Online India Magazine May 1st Issue 2018 | Page 11

WORLD WRAP
The growth of online retailers, have failed to
offset losses in jobs due to closure of malls and
with the e-commerce sector adding just 1,78,000
jobs over the past 15 years.
and that includes malls that have
a high-street feel of both indoor
and outdoor facilities. Two good
examples are the Grove in Los
Angeles and The Palisades Center
in West Nyack, N.Y. While the first
has a mini main street and trolley
running down its centre, meant
to evoke an urban boulevard, and
hosts a summer concert series, The
Palisades Center has a bowling alley,
a comedy club and an indoor rope-
climbing course.
In addition, malls that have niche
value, primarily catering to luxury,
are also very much in business. From
the 375-store Galleria in Houston to
the Shops at Crystals in Las Vegas to
the Bal Harbour Shops near Miami,
complexes filled with runway brands
such as Gucci and Louis Vuitton
are reporting healthy revenues. As
a greater percentage of America’s
wealth is concentrated in a smaller
share of its population, these elite
malls partly avoid competition with
Amazon by catering to those who
don’t need to scour for deals. ESSENTIALS
In the meanwhile, the situation
remains grim and many retailers in
the past year, like US teen fashion
brand rue21 Inc and Toys “R” Us
have filed for bankruptcy that
has not only shaken up the retail
industry but has also led to a drop
in new employment opportunities in
the US. In fact, local jobs are a major
casualty of what analysts are calling,
the retail apocalypse. Since 2002,
department stores have lost 4,48,000
jobs, a 25 per cent decline, while the
number of store closures this year is
on pace to surpass the worst depths
of the Great Recession. The growth
of online retailers, meanwhile, has
failed to offset those losses, with
the e-commerce sector adding just
1,78,000 jobs over the past 15 years. Many retailers
in the past year,
like US teen
fashion brand
rue21 Inc and
Toys “R” Us filed
for bankruptcy
that has not only
shaken up the
retail industry
but has also led
to a drop in new
employment
opportunities in
the US. In fact,
local jobs are a
major casualty of
what analysts are
calling, the retail
apocalypse. Since
2002, department
stores have lost
4,48,000 jobs,
a 25 per cent
decline, while the
number of store
closures this year
is on pace to
surpass the worst
depths of the
Great Recession.
In this changing retail landscape
wherein fewer consumers are
going to malls to make purchases,
a glut of unsold and out-of-style
inventory has led to big debts
for companies including Macy’s,
Sears and Kohl’s, who are trying
to reinvent themselves in this new
age of retailing. Some of their latest
strategies have included opening
smaller-format stores and closing
less-profitable larger locations,
partnering with in-demand apparel
brands, making enhancements to
mobile apps, and trying to amass a
more loyal customer base. Among
other things, 2018 will bring in new
management for some department
stores, the deepening of strategic
partnerships with retailers
including Walmart and Nike, more
restructuring of real estate, and
inevitably elevated talk of Amazon
and other influential online players.
www.apparelresources.com | MAY 1-15, 2018 | Apparel Online India
11