Now that the Aussie business scene is back in full-swing post-Xmas, we are starting to see more of the fall-out from the current economic downturn.
Following on from the closure of corporate menswear boutique Herringbone in December, it now looks like a few more fashion retailers are on the skids:
“This week Figgins Holdings, owner of 120 footwear stores nationally, said it would shut all four of its Evelyn Miles boutiques and its 43 Shoobiz stores. Already the luxury Australian shirting company Herringbone has collapsed, a Supre store in the city has closed and the cult denim label Ksubi has been reported to owe $8 million.”
Now, this may well reflect the shifting buying behaviour of cash-trapped consumer (i.e. income elasticity), or it may simply reflect a great media awareness of business failures. Irrespective, it does represent a change to the competitive landscape.
This may mean new competitive spaces have opened up in the Australian fashion retail scene. Perhaps we might finally see a few more international players enter the market (a Zara or H&M?).
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