The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Retail restrictions prompted by the pandemic and the rise of e-commerce have led to a decline in footfall at shopping centres in Moscow. During the period from January to March 2021 traffic fell by almost a quarter compared to the same period of last year, Roman Skorokhodov, president of Watcom consulting group, told news outlet RIA Real Estate.
“Compared to the first quarter of 2019, footfall in 2021 fell by 18.4 percent,” the analyst added, referring to pre-pandemic baseline figures. In St. Petersburg, the decline in footfall was not as pronounced as in Moscow, he added.
However, there has been some recent momentum in the opposite direction. During the first week of March there was an increase of 12 percent in Moscow, compared to the previous week. This can probably be attributed to the Women’s Day celebrations in Russia on 8 March, when women go shopping for themselves and men search for presents for them as well. When compared to the same festive period last year, however, there is still a negative trend of -18.8 percent, Skorokhodov added.
Reliance plans to open top-end luxury mall in Mumbai with LVMH and Kering brands set to open stores, marking retail expansion for brands in India.
This week’s round-up of global markets fashion business news also features South African clothing retailer Woolworths, Bahraini asset manager Investcorp and Indonesia’s threats to curb TikTok Shop.
Reliance Industries and Tata Group have launched multi-brand beauty retailers Tira and Tata Cliq Palette respectively in a challenge to incumbents like Nykaa, Purplle and Sephora.
This week’s round-up of global markets fashion business news also reveals the succession plan for an Indian retail billionaire, Kenya’s strategy to revitalise its textile industry and forced labour in Turkmenistan’s cotton harvest.