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Mango, by contrast, saw an 8 per cent increase in sales for fiscal year 2024, citing strong performance from its more premium lines; as did Gap, with sales growing every quarter. The differing results can be attributed to Mango’s historically refined aesthetic, while H&M traditionally operated further from the luxury space, making its efforts a tougher sell to an older consumer. Whereas Gap has succeeded thanks to a viral campaign with Parker Posey, Timothée Chalamet’s custom Gap Studio look for the Oscars nominees dinner, as well as successful collaborations with Dôen and Harlem’s Fashion Row. So how can more high street players justify elevated price points? And what can they do to capture aspirational shoppers when they’re at such a scale? The answer lies in offering something online can’t.Terror Keepers Of The Faith Defiant In Every Word I Say Shirt
“The problem facing most retailers today is finding something to offer consumers that they can’t find elsewhere,” says Retail Prophet’s Stephens. “Whether that be the product or the experience of buying the product, all retailers today are facing an ever-expanding wave of commodification. Retailers who manage to carve out a unique and clearly defined offering for shoppers that can’t be had anywhere else will thrive while others fall by the wayside.” The high street isn’t just about shopping; it’s about place. And place, unlike products, cannot be commodified. “High streets serve a different purpose,” says Clare Bailey, founder of industry consultancy Retail Champion. “They provide community facilities and services you can’t do online. You can’t get your haircut online — well, not yet anyway.”
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