Banana Republic, J.Crew, Express and others are all promoting a new, more digital and fashion-forward identity in a bid to regain relevance. But a rebrand is no easy feat.
Average shop prices in August were 1.6 percent lower than a year before, compared with a fall of 1.3 percent in July.
From stalwarts like T.J. Maxx and Nordstrom Rack to venture-backed newcomers and online luxury resellers, a multitude of discount retailers are all vying for a piece of the growing off-price market, which will thrive amid the lingering global recession.
Outlets and off-price retailers in China are seeing business boom as luxury brands pump excess inventory into the country at bargain basement prices. But the pandemic clearance strategy is a double-edged sword.