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.
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