Like every other industry, the apparel and fashion industry has also been severely affected by the onslaught of coronavirus. Almost every company has shut down its physical stores across various locations. Sales through online platforms and affiliate marketers have also come to a standstill. The business environment seems gloomy, to say the least.
Bold initiative
But even in this difficult situation, Mango has taken a bold initiative of reopening 20 of its retail stores across different global locations to again establish its relevance in the fashion business with a renewed vigor.
Repercussions in the industry
Fashion brands across the spectrum and other players in the industry are keenly watching this and eager to note down the results. Undoubtedly, the move is strategic in nature that can bear some considerable socio-economic results and repercussions on how the industry works. This may also be regarded as a scale to implement retail policies through physical stores.
The need for an impetus
It is evident that after the lockdown is over, the fashion industry needs a huge impetus from the government and concerned authorities to regain the lost ground. The business will experience a lull period for some quarters. The strategic move by Mango can prove to be an eye-opener.
Risk factor
There is no doubt that an enormous risk is involved in the strategy that Mango is hopeful of. It can spark debates about carrying on business like normal entities amidst the crisis created by a coronavirus. The move may be counter-productive both in improving business and halting the spread of infection.
The locations matter
But the catch in the movie is where the shops have been opened. The severity of the crisis in a particular location is definitely one of the primary determinants of whether a retail business shop will be opened or not. Respective governments everywhere are keeping vigil on the progress of the conditions. Mango has planned well ahead of opening the shops and sending a positive message to the industry. It is hoped that the business will create new innovations and opportunities to tackle such crisis situations in a highly efficient and focused manner.
Sales will take time to pick up
The opening of the stores means that there will be some sales in favor of Mango, and the brand will be in limelight. People would want to explore the products that the fashion retail giant has to offer in these trying times. Other retail houses would keep a close watch on the fundamentals to conduct retail business in the fashion industry during the lockdown. But the sales revenues are not expected to pick up soon.
Supply-side and demand-side issues
It would be interesting to witness how Mango resources the products in the crisis. Also, it would be lesson for others to take note of the enterprising endeavors of Mango in matters of coordinating with the employees and the customers, besides with partners and affiliate marketers. Countering the supply side and demand side bottlenecks would be a genuine challenge.
Awaiting results
The other players in the retail industry are eagerly waiting to see some concrete results of the strategy implemented by Mango.
