Are Fashion Trends Moving Too Fast For Retail?
With the influence of mobile and social media pushing styles in and out of fashion at a breakneck pace, some retailers are admitting that they aren’t able to catch up. “The fact is that we’re seeing mobile technology drive shifts in consumer behavior and spending patterns at a faster pace than our industry has been able to keep up with,” said Dick Johnson, CEO of Foot Locker on his company’s August 18 second-quarter conference call. “With constant access to new influences, trends, information and ideas, consumers’ attention spans are getting shorter, and we’re seeing that they’re moving from one style to the next faster than ever before.” Foot Locker’s second-quarter results came in well short of Wall Street’s expectations as same-store sales fell 6 percent. The sneaker retailer is working with suppliers to significantly shorten the product development cycle, including reducing ordering and manufacturing lead times and even storytelling and marketing timelines. Read more at Retail Wire.
