After the coronation wave in the world, it becomes clear how deep the global crisis in the fashion industry is • Gap, Victoria's Secret, Childrensplaces and many more brands are reducing stores

• Reduce branches worldwide. H&M

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The British fashion magazine Glamor has recently announced the dimensions of the corona's influence on the retail industry in the fashion sector, and this includes a long list of chains that are expected to close stores in the coming year.

A month ago, we announced that the fashion giant Inditex, which owns the Zara, Barshka and Paul & Bar chains, will close between one and a thousand two hundred stores out of some 7,500 physical stores, focusing on the next three years in online trading.

Swedish fashion giant H&M, also owned by fashion companies COS and MONKI, recently announced its intention to close 170 of its stores worldwide from around 5,000 physical stores due to the Corona crisis.

With the return to normal, some 300 H&M stores around the world still remain closed due to the plague. However, the company has made it clear that it intends to open 130 new stores worldwide and invest in digital commerce development. Mach Retail Group, H&M Group franchisee in Israel, said in response that the branches in Israel are not likely to be harmed. "The stores will not close in Israel. Furthermore, last week, H&M's first outlet store in Israel opened in the Big Birka complex."

According to the magazine, the American fashion chain Gap will close some 230 stores in the United States and the Victoria Secret store, which in recent years has seen a significant drop in sales, plans to close 250 stores in the United States and Canada.

The Forabar 21 chain, which has already filed for liquidation in 2019, is expected to close 178 stores. The GUESS chain will close 100 stores in the next year and a half, and the Children's Fashion Store announced last month that it will close one-third of its stores in the United States, Canada and Puerto Rico, 300 of which are in 920 existing physical stores, and the trade will be focused online.

Wholesalers will also be saddened to hear that Macy's will close 125 stores in the next three years, the JC PENNEY department store is also expected to close 846 stores primarily located in malls, and Nordstrom will close three designer stores in addition to 16 department stores.

The shift to online purchases in recent years has resulted in a significant drop in revenue from sales made in physical stores around the world in the fashion sector as well. As the percentage of online sales has increased, networks have begun to internalize that the future is online, and that most marketing efforts should begin to redirect to a trade site and social networks. The outbreak of the Corona epidemic has only sharpened and deepened the difficult situation in many fashion chains around the world, and for the last two months companies have had to prepare and streamline.