THE IMPACT ON TOPSHOP Novid Nuri

EFFECTS OF COVID-19 ON TOPSHOP

A fashion chain store Topshop, has gone into administration, the British equivalent of bankruptcy, putting 13,000 workers whose jobs are at risk and leaving behind a ghost chain of 500 shops after a huge reduction in footfall. Many outlets had to close as they couldn’t afford to stay open due to no sales during lockdowns and operating at a loss as they still had to pay their workers. “You don’t know when you’ll be open, you don’t know what stock to buy,” a senior source at the company. However, even before the pandemic, Topshop were struggling against nimbler online-only fashion retailers like Asos, Boohoo and Pretty Little Thing. Their low prices and rapid turnover draw in customers wanting to always change their wardrobe which is something that has become more popular with social media. And rival high street chains like Zara have invested heavily in their digital business while Topshop has been slow to catch up. There's this perception on social media that you always have to be changing your outfit so of course to do that, you buy fast fashion. The pandemic, which forced physical stores to close for months this year, only accelerated fashion's move to the digital marketplace.