Amid the recent news of Forever 21 going into administration and closing all of its US stores, questions rise over whether fast-fashion is changing shopping habits, especially to younger generations
Do you remember the times where you would walk around your local shopping centre and enter stores like Select Fashion and Forever 21? It now feels like a heartbreak knowing that our beloved high street brands are slowly closing down. The recent news of Forever 21 closing all of its US stores shocked shoppers, who simply couldn’t believe the news.
According to reports, Forever 21 filed for bankruptcy for the second time in six years, citing competition from fast-fashion brands like SHEIN and Temu. Similarly, back in 2020, Forever 21 stores across the UK closed down. However, UK shoppers can still get their hands on the latest drops by shopping on the retailer’s website. This will also be the case for US residents after the store closures come into effect, as online shopping will still be available.
Similarly, Select Fashion, a British fashion retailer known for its affordable prices, closed down 23 of its high street stores.
Many retailers and brands are facing financial challenges with sky-rocketing rising costs bringing about a higher risk of failure. With the cost of living, people have been finding it harder to shop for essentials, opting for cheaper alternatives.
The convenience of online retail has led many to opt for shopping from the comfort of their homes rather than visiting physical stores. The shift online has taken away the joy of physically browsing the store, spending hours trying on clothes, and hunting for the best deals.
The first real heartbreak for UK fashion-forward shoppers was when Topshop and Topman announced they would be closing down in 2020. Back in 2009, the brand was making more than £100 million in profit annually, but by the 2020 Covid outbreak, it shut stores for good.
The brand revealed that it was struggling amidst competition from online retailers like ASOS, Boohoo, and PrettyLittleThing, as well as the financial strain caused by the coronavirus pandemic.
READ MORE: ‘I grew up loving Topshop and their relaunch has me dreaming of this iconic item’
However, despite the stores not being physical, shoppers are still able to purchase items from Topshop and Topman through the online-only platform ASOS. The online retailer snapped up the brand, along with Miss Selfridge and HIIT, for £265m in 2021, but Topshop sales dwindled as its clothes got lost among ASOS’ other online-only brands.
At the time, personal stylist Lisa Talbot, from Maidenhead, told The Mirror that she believes shoppers would welcome Topshop back with open arms. “People miss it in so many different ways,” she said. “It was on trend, it was forward-thinking, it had great signage – you had petite, tall, a plus-size range. From an age perspective it had something for everybody, from teens right through to working women. I had clients who were CEOs who would shop there, too.”
On March 19, in response to many wanting the beloved brand back, Topshop teased their return with an Instagram post sending fashionistas into a frenzy, with the captions: “We’ve been listening” and “We’ve missed you too.”
Visiting the topshop.com site, you’ll find a waiting screen with the words: “Coming soon”, anticipating the return of their beloved website.
Although the re-introduction of physical stores is still in the air, chief executive José Antonio Ramos Calamonte previously said: “We might open stores. We will consider it for sure but we have no specific agreement to open a certain number.”
According to the latest data by the House of Commons Library, there are currently 324,995 retail businesses in the UK. In 2023, around 5,000 UK retail stores closed, a notable increase compared to previous years, meaning that many businesses have been and continue to be affected.
READ MORE: A ‘little black dress’ is my wardrobe staple and its historical significance runs deep
The rising cost of living plays a significant role in this shift, especially to today’s younger generation. This financial strain has led many to turn to brands like SHEIN, Temu, and even TikTok shop, which offer more affordable alternatives, allowing them to stay trendy without breaking the bank.
The popularity of fast fashion has soared in recent years, with new styles and trends being delivered to customers at ultra-low prices. As a result, people now buy items that are too cheap to pass up on. Interestingly, nearly 44% of Gen Zs make at least one purchase per month on sites like SHEIN.
Being able to buy multiple items without spending a fortune has placed increasing pressure on high street brands to maintain their market position and attract consumers. Established names like H&M and Zara, now find themselves competing with the speed and low cost of fast-fashion brands.
As fashion continues to evolve, one thing is clear – the phenomenon of fast-fashion will stay for a long time, but will it be at the cost of more high street brands closing down?