I spoke early in this crisis about why I thought closing up completely was an error as we must ensure there is an industry to come back to. While governments and officials have largely and correctly enforced closures around the world, the moments of recovery we are seeing show that the luxury sector will be at the heart of our new growth.
Our sector of the market has been hit hard and will continue to feel the effects of this current crisis, with estimations suggesting it could cost the fashion and luxury market $600 billion in sales. But that is the same reality facing everyone. The numbers differ according to the size of your business, but the key thing is that everyone pulls together now and as we one day look to rebuild our market.
To attempt to sit-out the storm created by Coronavirus is to ignore one of the key aspects of our market, namely that the money we invest today is to benefit the medium and long-term future of our business.
Every successful store is now filled with stands and displays which offer shoppers the chance to interact with the products. For travellers this an opportunity to discover something new or indulge in a moment of entertainment while they wait for their flight. For brands and retailers it creates the chance to make an extra sale or increase the size of the basket. With digital putting the pressure on pricing and ease of purchase, experience is becoming the golden ticket for physical stores