Clothing retailers, including Gap, Victoria's Secret, and American Eagle, are running massive online discounts right now. work-from-home- and staying-in-themed sales as millions shelter in place amid the coronavirus pandemic.
"What we know is that there will be a blockage of inventory given that there is inventory in stores, but no people in stores," Simeon Siegel, managing director at BMO Capital Markets, said. At Gap, you'll find up to 75% off of everything, as well as an extra 50% off markdowns with the code "PERK.
Madewell's not-so-subtle promo code "VERYRARE" points right at the unprecedented nature of the sale. While the sales are likely to be welcomed by shoppers looking for a good deal, the steep discounting hints at trouble for the industry. Clothing retailers are in a uniquely difficult position as stores have closed amid the pandemic. The products they sell are inherently seasonal and based on trends, so having stores closed for an extended period of time means missing out on a limited window of time when certain products will appeal to customers. Also, as people shelter in place and many lose employment, clothing has likely moved down the list of purchase priorities.
"That leaves brands trying to generate short-term cash at whatever price you can sell it at," Siegel said. "Every retailer will have to grapple with this in the foreseeable future.
75% off prices marked up 77% come and get it!
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
TikTok is having a moment, but business success isn't guaranteed - Business InsiderTikTok's audience and ad growth will depend on how sticky it will be with often-fickle users and creators. Yes, at the expense of our nervous system
Source: BusinessInsider - 🏆 729. / 51 Read more »
The dark reason why liquor stores are considered essential businesses - Business InsiderLiquor stores were deemed essential in part because of how dangerous it could be for alcohol-dependent people to undergo withdrawal. It’s to get through hard times... The gun store too another glaring hypocrisy on the federally illegal pot front.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Oil price crash: Record amounts of oil stored in tankers amid pandemic - Business Insider60% more oil is being stored at sea in oil tankers than the previous record high during the 2009 financial crisis. Wow What could go wrong? Brilliant moves because buying on the spot Market is going to mean huge profits in the future... The Futures Market
Source: BusinessInsider - 🏆 729. / 51 Read more »
Epic has begrudgingly put Fortnite on Google's official app store - Business InsiderFortnite creator Epic Games just caved by putting its game on the Google Play Store for the first time ever – but it's not too happy about it
Source: BusinessInsider - 🏆 729. / 51 Read more »
South Carolina has already begun to reopen beaches, department stores, and flower shops - Business InsiderGov. Henry McMaster is slowly reopening parts of South Carolina's economy, similar to Georgia and Florida, including nonessential stores. Make sure you have to order many wooden coffins for your people! LindseyGrahamSC Flower shops?! 🙄 henrymcmaster Again.. Better order many wooden coffins for your people!
Source: BusinessInsider - 🏆 729. / 51 Read more »
Robinhood closes in on $250 million funding round as demand for digital investment spikes - Business InsiderRobinhood is raising fresh funds, likely worth between $200 million and $250 million, thanks to a spike in demand for digital investment platforms.
Source: BusinessInsider - 🏆 729. / 51 Read more »