HomeNewsRetail Apocalypse – The Death of Fast Fashion in 2020 News Retail Apocalypse – The Death of Fast Fashion in 2020 With closures and reports of the bankruptcy of popular retailers like Forever 21, it begs the question – where are customers going? Foot traffic in malls and brick and mortar stores are dwindling, while online shopping is expected to hit record numbers of just over four trillion U.S. dollars in 2020. Mixed with a lower interest in cheap fast-fashion pieces, the industry is showing consistent drops in sales. But, how did fast fashion get to the top in the first place? Fast fashion giants thrived through the ability to churn out trendy pieces quickly, price it extremely low, and have it in stores in a matter of days. With the quick production of low-quality products, it’s a guarantee that landfills will continue to grow with fast-fashion waste. And society is taking note. Fast-fashion giants can no longer rely on simply focusing on volume. It results in popular companies like H&M producing more than they can sell, with $4.3 billion in unsold inventory. According to a Nielson survey, 48% of U.S. consumers say they would definitely or probably change their consumption habits to reduce their impact on the environment. And people are proving it with their wallets. In 2018, $128.5 billion was spent on sustainable goods. Younger generations are taking notice of what fast-fashion is doing to the environment and have taken their spending power elsewhere. They are more conscious of their consumption, opting for second-hand shops like Poshmark and ThredUp in an attempt to go zero waste. Can fast-fashion be saved? It depends. They must show a willingness to change with consumers’ tastes. There have been some attempts such as H&M’s Garment Collecting program and Forever 21’s recycling program. It gives consumers a way to feel morally righteous about buying more than what they need. But, as long as their products are still seen as disposable, their efforts will not be respected by consumers. Here are just a few fast-fashion retailers feeling the hit in 2020: Gap Gap will be closing up to 230 stores in 2020. The company reports that they will have smaller-sized stores after seeing a 5% decrease in holiday sales in 2018. Forever 21 This fast-fashion giant filed for bankruptcy in September 2019 and plans on closing up to 178 retail locations in 2020. Macy’s Macy’s will be closing at least two dozen stores and one Bloomingdale’s location at the beginning of 2020. Victoria’s Secret This may not come to a surprise to many, especially after the backlash from their 2018 show and transphobic comment by their CMO Ed Razek. Victoria’s Secret announced that they will be shuttering 53 stores. New York & Company After a poor holiday shopping season, the company is closing 19 New York & Company locations, four Fashion to Figure stores, and four New York & Co. outlets. Sears Yes, there are still a few Sears retail locations hanging around. But, from reports, it won’t be for much longer. Sears filed for bankruptcy in October 2018 and continues to struggle, closing an estimated 51 stores in 2020. JC Penny Another once-favored department store is feeling the effects. After closing 27 stores in 2019, more will likely be shuttering their doors for good in 2020. Abercombie & Fitch This company has faced its own round of controversies, from excluding large women to discriminatory hiring practices. In the past 8 years, Abercombie & Fitch has closed 475 locations and an additional 40 by February 2020. Chico’s Chico’s has announced in early 2019 that they will be closing 250 locations over the next three years. This includes 100 Chico’s stores, 90 White House Black Market stores, and 60 Soma stores. As of November 2019, they have closed 49 locations, with more closing in the next two years. Jie Kuang Jie is the Founder and CEO of Monochrome Pink, a publication focused on creators who are passionate about social issues. She supports creatives by giving them a platform to present themselves and their work in an environment that encourages growth. Jie has a background in SEO marketing, social media, and digital strategy. Jie has been invited to speak at top universities such as the University of Pennsylvania and Temple University to discuss entrepreneurship and building a positive startup culture. She aims to motivate young creatives to build an empire that will pave the way for the next generation. Share This Previous Article11 Items to Drastically Improve Your Work From Home Experience for Under $100 on Amazon Next Article10 Lotions You Can Buy From Amazon That Will Make Your Winter More Bearable January 13, 2020