Technology Is Integral To The New Normal In Retail
Let’s face it, apparel sales are way down in this pandemic period. In response, stores are shrinking the departments dedicated to fashion. Even handbags, one of the main accessories to a smart suit or dress, are selling only by appointment. A major change has overcome shoppers of all ages – they are taking a leaf out of the younger millennials’ book and realize they do not want or need to own very much of anything. Recently I met with Professor Mark Cohen, who is Director of Retail Studies at Columbia Business School, and discussed the current trends in retailing. He held up his I-phone and said it was the current fashion statement in retailing. He said many people are now waiting for the Apple 12 I-phone because they want to have the latest in fashion technology. Discretionary spending has veered from the little black dress to the little black pocket computer – AKA cell phone. Read more at Forbes.
