FORECASTS & ANALYSIS
By Andrew Asch | February 18, 2021
With COVID-19 vaccines being rolled out, economists are charting what happens after one of the most dramatic economic shocks in American history.
As global supply-chain disruptions continue to impact the bottom line of businesses across the U.S., the need for apparel companies to be creative, resourceful, and nimble carries unprecedented weight. The industry needs to be diligent in maintaining its customer base and business partnerships while sustaining longer payment terms, a shortage of available materials, and higher costs.
Continuing its growth within the consumer-retail industry, the data-platform provider SoundCommerce announced $15 million in Series A financing, aligning with its expansion through hiring, platform capabilities and customer engagement.
After a year when its business was battered by stores shuttering and temporary mall closures, the shopping-center giant Simon Property Group on Feb. 8 reported results for its fourth-quarter and year-end revenues.
Entering 2021, the apparel industry can see a bit of hope as businesses look toward maintenance and recovery from a tumultuous year. As apparel businesses examine their next steps while outlining new financial plans, they often look for guidance from experts.
Before becoming the 46th United States president, Joe Biden unveiled the American Rescue Plan on Jan. 14, a proposed $1.9-trillion program that his incoming administration said will put the U.S. economy back on its feet after 10 months of the COVID-19 pandemic.
One of the digital companies that reported a robust performance during holiday 2020 was multichannel e-transaction focused platform Shopify.
After months of wrangling, Congress passed a $2.3 trillion COVID-19 relief stimulus bill Monday, which will include $600 checks sent to individuals earning less than $75,000 annually and a second round of payment protection plan funds for small businesses.
Confidence in the U.S. economy is growing, according to a couple of recently released surveys.
Afterpay got its start by offering layaway-style payment plans to Millennials when they were shopping for fashions and goods online. Recently, the payments company, announced that it had made a deal with the mall company Simon to take the service to bricks-and-mortar shops.
Ramez Toubassy, a Los Angeles–based executive who helped guide the retailer Wet Seal’s transition into a digitally focused fashion company, announced a new venture recently.
As business restrictions stemming from COVID-19 continue to ease across the United States and unemployment has fallen into the single digits at 8.4 percent, yet employment remains at 11.5 million jobs below February’s figures, and the gross domestic product in the country also decreased at an annual rate of 31.7 percent during the second quarter.
One major deal can change everything for a small company, yet it can be more crucial for determining the success of Black-owned businesses and those led by members of underrepresented groups, said Dawaud Muhammad. As the co-owner of a Black-owned printing-and-embroidery company, Muhammad leads Big Printing Textile Co., LLC, which is located in the San Francisco Bay Area town of San Leandro, Calif.
At the beginning of July, the United States Bureau of Labor Statistics reported that June unemployment in the country fell to 11.1 percent from 13.3 percent in May, with employment in sectors including retail rising to 4.8 million following businesses reopening in many parts of the country. Recently, local governments in certain areas that have seen rising COVID-19 cases are rolling back their reopening plans, with businesses that serve particular sectors being forced to close again.
The U.S. Small Business Administration’s Payment Protection Program distributed billions of dollars in loans in the past months to companies with less than 500 employees that were hurt by the COVID-19 economic shutdown. According to Tom Waldman, a shareholder in the law firm of Stradling Yocca Carlson & Rauth, opportunities remain to get SBA loans.