The pandemic has accelerated retail innovation “on every angle: retail, supply chain, sourcing, technology,”
The pandemic has accelerated retail innovation “on every angle: retail, supply chain, sourcing, technology,” according to trade body president and CEO Steve Lamar.
Lamar warned shoppers to check who they are buying from online, among a rise in counterfeit goods.
He also called for U.S. politicians to provide economic stimulus in a predictable way.
The pandemic has created rapid innovation in retail as shoppers switched to e-commerce and used curbside pickup, according to a U.S. fashion trade body.
Steve Lamar, president and CEO of the American Apparel and Footwear Association (AAFA), told CNBC that an “incredible” amount had been achieved by its members over the past several months. The AAFA has 500 members including Calvin Klein, Levi Strauss and Ralph Lauren.
“We’ve implemented 10 years of innovation in the last 10 months … One of the things that we’ve seen coming out of this is … an incredible amount of innovation that’s really been put in place and again plans that people have been looking at over the next 10 years, all that’s implemented and we’ve really seen a great deal of innovation on every angle: retail, supply chain, sourcing, technology, you name it,” Lamar told “Squawk Box Asia” on Tuesday.
The pandemic temporarily closed stores as the U.S. implemented stay-at-home measures last March. Some retailers have permanently shut several locations, such as AAFA member Macy’s, which detailed dozens of new closures this week as part of a wider plan. Others, such as Lululemon, have done well during the pandemic, as shoppers stayed home and bought workout gear and athleisure over smarter office wear.
The pandemic has helped to put in place an “omnichannel” shopping model, Lamar added. “You buy online, you pick up in the store. There’s curbside pickup, now you can return products that you buy online, you can return them into the stores. That seamless integration is really becoming the rule, it used to be the exception and we’re going to see a lot more of that.”