Belgian clothing stores have experienced their worst start to the year since 2011, with sales volume in the first quarter being the lowest in 13 years, excluding the Covid years of 2020 and 2021. Despite this challenging start, consumers can look forward to the bargain period starting immediately on Monday with heavy discounts. Compared to the same period last year, fashion stores have seen a 3 percent decrease in sales.
The trend of declining sales seems to have continued into the second quarter as well. In April, the sales volume fell by 10.5 percent compared to the same month in 2023, making it the worst April since 2008. The number of fashion stores in Flanders has also decreased by 22 percent in the past decade, putting pressure on independent businesses and Belgian family chains. Some well-known brands, like E5, JBC, Cassis Paprika, and Scotch & Soda, have had to close branches or declare bankruptcy.
International chains are also feeling the impact, with stores like Esprit and Scotch & Soda in Belgium recently going bankrupt. H&M’s stock fell by 15 percent after a profit warning, highlighting the challenges faced by even large retailers in the current market. The landscape of the fashion retail industry in Belgium is evolving, with shifts in consumer behavior and economic factors playing a role in the changing fortunes of clothing stores.