SYDNEY: The fashion retail landscape has changed forever as a result of the global economic crisis, one of the world's leading forecasters has warned.
WGSN content director Juliet Warkentin said transparency and frugality would be the hallmark of the new era in retailing with Australian business owners forced to alter the way they engage with consumers or risk losing them altogether.
Warkentin, speaking at the first annual GPT Retail Seminar in Sydney, said retailers were battling many challenges in the current environment among them a radical shift in consumer behaviour, aggressive promotional trading and brand survival and differentiation.
Warkentin said for most apparel businesses the current economic crisis meant everyone's focus was on "survival" and managing cash.
"But at least as much attention needs to be lavished on making sure the business had a clear competing differentiated position," she said.
For more see the next issue of Ragtrader available on news stands from April 10.