Experts are of the opinion that retail shutdown might wipe out more than £1.1 billion fashion sales in 2020!
Fashion giant Next took the ‘difficult decision’ to close its website, thereby halting online orders.
Analysts at GlobalData feel that the amount spent by Britons on apparel and footwear will topple by 20 per cent that is equal to £11.1 billion in 2020. This fall is same as the combined annual clothing sales of Primark, Marks & Spencer and Next.
Taking into account the requests made by employees working at warehouses and distribution operations (in the current scenario), Next has stopped taking online orders.
The high street chain River Island and the luxury fashion retailer Net-A-Porter have also announced the closure of their websites.
Notably, River Island would fulfil existing web orders but not process any new orders since it has begun shutting its distribution centres located in Milton Keynes.
According to a retail analyst at GlobalData, the predicted sales of retailers’ Spring/Summer collection would now be a washout with companies already being forced to cut prices.
Next had already predicted that carnage erupted from this outbreak could possibly wipe out £1 billion of 2020 sales. Next is now putting efforts to delay orders while considering leasing extra warehousing to hold stock inventories.