Up To 50% Of Moscow'S Clothing, Footwear And Accessories Stores May Be Closed.

According to Russian satellite news agency sputniknews, "business people" quoted the "fashion Consulting Group" (Fashion Co). Nsulting Group, FCG and commercial real estate market consultants reported that up to 50% of Moscow's clothing, footwear and accessories stores could be shut down after the lifting of restrictive measures taken by the new retail crown in the non food retail industry.

For example, the digital commercial real estate market consultant told the newspaper that Haines Morris (H&M) and Indo textile (Inditex) network (SA La Zara, Pull&Bear, Mai Sim Dutt Massimo Dutti, Barca card Bershka, stad Di Wallis Stradivarius and Oysho brand) plan to close some profitable shopping centres in Moscow.

Meanwhile, the Gap network has warned that the current crisis is fatal to the company. The company successfully accumulated $1 billion 700 million before the coronavirus pandemic began, but about half of it was used to maintain shops closed worldwide.

Anna, President of the FCG, said that the retailers will have to reduce the number of offline outlets due to the growth of online parts. She predicts that in the 2020 situation, the number of traditional clothing stores will be reduced by 35-50%, and the sales in the fashion market will drop by 35%.

According to FCG, the size of the Russian fashion market in 2019 was no more than 2 trillion and 290 billion rubles. Therefore, the paper points out that the industry's revenue will probably drop to 1 trillion and 480 billion roubles by the end of this year. At the same time, online sales may more than double. But Evgeny Haq Baer Ki Ieva, director of real estate sales at Knight Frank, believes that online will never become the main selling channel in the fashion industry.