The Covid-19 pandemic has been a devastating occasion for a lot of companies. Lockdowns and secure distancing measures have resulted in a major lower in companies’ footfall, translating to decrease income.
Final 12 months, Singaporeans noticed many beloved brands leaving our shores or shutting down for good. For instance, certainly one of Singapore’s oldest shops, Robinsons, shuttered its shops throughout the island.
Moreover, British vogue manufacturers Topshop and Topman’s model supervisor, Wing Tai Retail, confirmed the closure of its final outlet at VivoCity in September final 12 months.
Most not too long ago, Singapore multi-label retailer closed last Sunday its last and largest outlet at Jewel Changi Airport resulting from an ongoing battle to pay its distributors.
The most recent model to affix the slew of closures is American informal put on model Abercrombie & Fitch (A&F). It announced on Instagram that its solely bodily retailer in Singapore will shut from Might 2.
It nevertheless, didn’t point out the explanation for closure or whether or not there can be any gross sales.
A&F is an American heritage model which was based in 1892 as a open air and looking retailer. It debuted in Singapore in 2011, the place it brought on a stir with its topless fashions.
In line with Statista, the attire model hit its peak of 379 shops worldwide in 2015. Nevertheless, as of 2020, it had 238 shops.
In March 2020, the model introduced its resolution to shut all its shops in North America and Europe, citing the transfer as a response to the unfold of Covid-19.
Followers of the model can nonetheless obtain the cellular app and store on-line, signalling the model’s transfer to place extra give attention to the digital realm.
The shopper has modified so dramatically, we don’t have a necessity for these giant shops long-term,” said Abercrombie Chief Monetary Officer Scott Lipesky final 12 months.
The pandemic has revealed the alternatives and limitations of the e-commerce sector, with retailers realising that going digital is likely one of the greatest methods to achieve their buyer base Thus, many have developed an e-commerce technique.
Featured Picture Credit score: Orchard Street