In 2023, inflation is expected to continue to exert an influence on apparel and footwear sales as consumers will likely wait until sales periods to purchase clothing and shoes, driving down value sales in the channel. Later in the forecast period, as inflationary pressures wane and consumer sentiment improves, demand for apparel is likely to grow again; however, the apparel store-based channel will only partially benefit from this as consumers are expected to increasingly shop online.
The apparel and footwear specialist retailers channel historically features a high number of small, independent stores, which remained under great pressure in 2022 due to the rise in shipping costs, labour wages and energy. Whilst a portion of those managed to shift more to online sales, this declining trend is set to continue over the forecast period and the total number of outlets is consequently set to decline significantly.
Pressure on profit margins, changing consumer habits and increasing operational costs pose threats to retailers that will feel the need to differentiate their business model. Leading manufacturer and retailer H&M, in 2022, started selling other brands in their stores, thus operating as a third party merchant.
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Understand the latest market trends and future growth opportunities for the Apparel and Footwear Specialists industry in Belgium with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Apparel and Footwear Specialists industry in Belgium, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
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 DefinitionsThis report originates from Passport, our Apparel and Footwear Specialists research and analysis database.
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