Resilience and innovation key for independent fashion retail in the post-pandemic era

It’s been over four years since the global pandemic began, a period that has fundamentally reshaped our lives. Since then we’ve gone on to redefine our workplaces, rethink our living spaces, and the importance of mental health. Across the world, there has been a shift towards intentional living, which has sparked entrepreneurial innovation and moved consumers towards value-based purchasing. At the time, many feared that the pandemic would undermine independent retail the most, as online shopping soared during lockdown. Although many indie retailers across the United States were negatively impacted during the time, today, independent retail in the US continues to demonstrate resilience amid the rise of online commerce, thriving through human connection, discovery, and agility. Many local neighborhood stores have adapted and are experiencing a robust recovery, indicating a promising future for these vital community businesses. With fashion indie retailers remaining highly optimistic for the future, we speak with Kerry Bannigan, managing director and president of the board at PVBLIC Foundation, who has dedicated her career to leading global fashion and media initiatives that drive transformative social, economic, and environmental change. Here she shares her insights on the state of independent retail in the US, trends and advice to those who may be struggling to thrive in today’s shifting economic landscape.

How would you describe the current state of independent retail in the United States, particularly in the fashion sector?

Kerry Bannigan: “The independent retail sector in the US fashion industry is evolving amidst significant shifts towards digital, consumer demand for sustainable products, and the integration of omnichannel strategies. Independent retailers face challenges such as supply chain disruptions, competition from large corporations, and rising operational costs.”

What are some of the most notable trends you have observed in the independent fashion retail market over the past year?

Kerry Bannigan: “There's been a significant increase in the adoption of eco-friendly materials and ethical production practices, with retailers committing to transparency in their supply chains. The circular fashion model, including participating in resale, rental, and upcycling programs, has gained traction amongst consumers, especially with the influence of social media. Additionally, independent retailers are focusing on community engagement and social responsibility, partnering, for example, with local artisans and supporting social causes. This reflects a growing consumer demand for fashion that not only looks good but also does good for people and the planet.”

In what ways are sustainability and ethical practices influencing consumer choices, and how should independent retailers be responding to this trend in your opinion?

Kerry Bannigan: “Sustainability and ethical practices are increasingly influencing consumer choices as individuals become more conscious of the environmental and social impacts of their purchases. Conscious consumers are seeking brands that demonstrate a commitment to eco-friendly materials, fair labor practices, and transparency in their supply chains. In response, independent retailers should prioritize integrating sustainable best practices into their business model, ensuring their products are ethically sourced and produced. They should communicate their sustainability efforts to consumers, welcoming them on the journey whilst fostering trust and loyalty.”

What practical advice would you give to independent fashion retailers who are struggling to navigate the current economic landscape?

Kerry Bannigan: “We often overlook the challenges of being an entrepreneur, especially in the demanding fashion retail sector. Self-care is crucial in order to perform effectively and sustain business. Without prioritizing your well-being, stress and burnout can lead to decreased productivity, poor decision-making, and, ultimately, negative business outcomes. Taking care of your mental, emotional and physical health ensures that you remain focused, resilient, and creative, which are essential qualities for navigating the complexities of running a business.”