Aside from tourism and commercial real estate, it’s hard to imagine an industry that has been as devastated by Covid-19 as retail. In the US, malls are empty. Big brand chains from J Crew to Brooks Brothers to Lord & Taylor have filed for bankruptcy. In the work-from-home era, people still buy things — computers, home office equipment and wine — but apparel just isn’t top of mind these days.
US commerce department figures show that there was a 20 per cent decline in clothing sales last month compared with August 2019. When even Anna Wintour, the editor-in-chief of Vogue magazine, is at home in her sweatpants, who is thinking of dressing up?
Of course, if you are selling leisure wear, it is a different story. I recently caught up with Bayard Winthrop, chief executive of a private, midsized sportswear retailer, American Giant, I wrote about last year. The company produces upscale hoodies, T-shirts and other types of casual wear beloved of coastal hipsters.