Fashion retailers may seek facilities management cost reduction as slow growth predicted
September 27th 17:29 Cost Management
Companies in the fashion retail sector may turn to facilities management cost reduction as a means of compensating for predicted slow growth in the industry.
According to Elaine Giles, consumer insight director at researcher Kantar Worldpanel, the challenging economic environment is likely to mean growth in the fashion market is subdued in the coming few years.
"We are only seeing a few per cent or low single digit growth in the fashion market and I think that is going to continue to be as much growth as we see," she said.
"Also the pound is still not very strong against the dollar. Then we have got VAT rises which are coming in January as well, so there are all these things which are putting pressure on retailers."
Ms Giles went on to add that younger shoppers in particular have become accustomed to shopping around for bargains during the recession, which has meant retailers need to find new ways to boost customer loyalty.
It follows the recent announcement by sports fashion retailer JD Sports that its total group revenue increased by 2.8 per cent on a like-for-like basis in the 26 weeks up until July 31st.
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