Memorial Day is the unofficial kickoff to the summer for the US, and it is typically a day of revenue spikes across all verticals of retail. Historically, this is a day of sidewalk sales and huge discounts for most fashion retailers, and it is expected to be one of the top 5 revenue-driving shopping days of the year.
Yet, with the majority of brick and mortar locations still closed, or those that are open seeing a significant drop in foot traffic, fashion retailers are struggling to meet YoY comps while pivoting to an online focus. And with order numbers falling nearly 4% below typical Memorial Day results, and Average Order Value amounts falling to more than 5% below the norm, it seems that higher-than-normal discounting has achieved less-than-normal results.
It’s now looking like the US may not have a sunny start to the summer apparel shopping season after all!