Is online shopping killing Topshop?
London Fashion Week: The time of year when every fashion industry bigwig struts their stuff and puts their best foot forward.
Among them, Topshop boss Sir Philip Green – the High Street king with 2,500 shops across Britain.
Sales across his retail brands fell last year, and Sir Philip says internet shopping is to blame.
Although Topshop has just opened a new store in Los Angeles, overall retail spending in the United Kingdom still hasn’t recovered from the recession.
Against many people’s expectations, sales figures for January fell 0.6 percent.
Sir Philip has signalled that some of the UK’s Topshop stores may close, but says it is a possibility being considered by all retailers.
“Every retailer wants to close stores,” he says.
“Is there a total reshape due to e-commerce, due to how people are shopping, due to click-and-collect, just due to the new world we live in? Yes there is. And therefore, if you talk to fairly any retailer, would they all like to have less shops? Yes they would.”