For retail in America, the current prospect is dim. New data released by the Department of Commerce on Friday showed a staggering, record-breaking drop of 16.4 percent in April. But for clothing-and-accessories stores in particular, the details are even bleaker. The two-month decline for them stands at just over 89 percent.
Luxury fashion is not the largest part of the clothing-and-apparel market — far from it — but luxury is hurting too. The high-end department stores are floundering (Neiman Marcus filed for bankruptcy this month; Barneys was sold for scrap last year); Net-a-Porter shut its warehouses and paused orders when the pandemic hit.
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