Fast fashion retailers are closing their stores, shrinking global retail

The annus horribilis for global retailers in the fashion industry is yet to end. Covid-19 has been an ongoing catalyst for transformation and at worst had a Darwinian effect, spurring an international reduction of physical shops. According to Modaes, Spain’s economic fashion news outlet, an estimate of closures from three large players including Inditex, H&M and Gap, could be telling for the market at large. Where a cumulative reduction in stores could spell 1,400 closures for these three, the reality could see a much higher number of outlets permanently shuttered.