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Fashion retailers in Shanghai are trying to get rid of stock
01.07.2022 501

Fashion retailers in Shanghai are trying to get rid of stock

Nearly a month after Shanghai lifted its strict COVID-19 lockdown, retailers are struggling with a backlog of unsold items. While cautious consumers are still avoiding shopping districts, writes Worldfootwear.com.

A two-month strict quarantine in April and May was introduced in Shanghai to stop the spread of COVID-19. Trade and logistics were suspended for this time. Goods stranded at the port are currently being sent to stores, but retailers say consumers are in no hurry to return to downtown malls. They are avoiding public places for fear of new restrictions as China pursues a "zero COVID" policy and takes action every time a new infection is detected.

Some companies have decided to stockpile and cut orders for the fourth quarter. In May, sales in the retail sector decreased by 6,7% compared to sales in the same period last year. In the previous month, the fall was 11,1%. The slowdown in the world's second largest economy has led to lower consumer spending.

Nearly a month after Shanghai lifted its strict COVID-19 lockdown, retailers are struggling with a backlog of unsold items. While cautious consumers are still avoiding…
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