Australia’s embattled AUD12 billion (USD12.42b) fashion retail industry is forecast to have negligible growth this year and remain in a rut for at least the next five years, averaging only 1.2 percent annualised growth.
According to analysis group IBISWorld, shoppers have moved away from high-end purchases, instead buying more low to mid-range clothing.
Big retailers and department stores such as Myer and David Jones have had sagging sales since the global financial crisis.
(Source: The Sydney Morning Herald Online)