Apparel and footwear sales have seen positive growth in 2021, following a steep drop in sales in 2020 as a result of the first wave of the pandemic. Sales have largely been driven by the reopening of the economy, and the easing of many quarantine restrictions.
The pandemic continues to drive many apparel and footwear sales online, with more retailers investing in e-commerce strategies to mee this shift in consumer habits. In part, this has involved simply spending more on delivery and payment systems, redesigning websites and making them more user friendly, but the trend is also driving changes in physical outlets, with more high street operators adapting their stores to make it more convenient to sell online.
Pepco, a European discounter chain offering apparel and household products, has been pushing into Latvia, dynamically growing its presence by opening outlets throughout the country. However, the company has been facing difficulties finding suitable premises in smaller towns and rural areas.
Apparel and footwear specialist retailers are forecast a slight dip in value growth in real terms over the forecast period. There are a variety of reasons for this; the lingering effects of the pandemic on disposable incomes is probably the most important, but other include the weakening of demand as consumers continue to work and study home where possible.
Consumer acceptance of e-commerce and other digital technologies has accelerated in Latvia in the wake of the pandemic, and online sales are set to see strong growth. As a result, retailers will develop and refine their e-commerce shopping offer.
It is anticipated that retailers in apparel and footwear will compete on price over the forecast period, with players like Pepco and H&M Hennes & Mauritz benefiting from an increasingly price sensitive consumer base. This will mean an expansion in options in the low- to mid-price range, in turn putting more pressure on independent retailers.
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Apparel and footwear specialists are chained or independent retail outlets with a primary focus on selling one or more of the following categories: clothing, footwear, and/or fashion accessories (costume jewellery, sunglasses, belts, hats, gloves, handbags, scarves, etc.). Apparel specialists include specialty apparel like wedding dress shops. Example brands include Primark, TJ Maxx, and Zara. Sportswear retailers, such as Adidas and Nike, are excluded from this channel and are included in Sports Goods Stores; this is due to the companies considering themselves sports companies as opposed to apparel companies.See All of Our Definitions
This report originates from Passport, our Apparel and Footwear Specialists research and analysis database.
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