This pandemic has greatly affected businesses worldwide.
The biggest fashion retailer in the world which also happened to be the parent company of Zara, Inditex, has announced its plans to closed 1,200 stores worldwide amid COVID-19.
These stores to be closed are those in Asia and Europe. This was announced after Pull&Bear and Bershka reported its first-ever quarterly loss.
In lieu to these financial loss, Inditex has also announced its plans to reorganize, including their store optimization program. Technology will be their front-runner. They have earmarked over 2.7 billion euros to boost online retail.
“Each store, whether online or physical, will become a sustainability hub: They will use less and renewable energy, eliminate single-use plastic, recycle all materials and foster the reuse of all garments,” states the report.
There will also be an app that allows the customer to browse a store’s on-hand items, reserve a changing room, find clothes via a store map, and even do self-checkout, according to Reuters. Online sales are expected to account for over 25% of the total sales by 2022.