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European retail collapses
After registering growth, albeit moderate (1%), in 2019, the European clothing and footwear retail sector is being heavily penalized by the pandemic. Up to September, the cumulative drop in retail sales of the Textile, Clothing and Footwear sectors amounts to 24.4%
The Retail Turnover Index of the European Union 27 for specialized articles of textile, clothing and footwear (TCF) has shown constant losses over the first nine months of the year, registering constant double digits drops. In some of the months the decline was even higher than 20% when compared to the same period of the previous year.
In the summer, from July to September, the TCF sector registered a slight recovery, which was still insufficient for the collapse it has hit retail since the beginning of the pandemic.
The best performances in the period occurred in Poland (10% decrease), Lithuania (12% loss) and Estonia (14% decrease). Fashion retail in the United Kingdom fell by 29% between January and September this year. In Italy the accumulated drop was 27% and in France 25%, if compared to the previous year. In Germany the loss is around 22% and in The Netherlands 16%. It is in Spain and Portugal where the retail sector in the fashion sector is suffering the most, with accumulated losses of 33% and 31%, respectively.
Image credits: Jordan Nix on Unsplash
