In recent years, Belgian clothing stores have been struggling to maintain their profitability. Sales volume in the first quarter of 2023 was at its lowest level in 13 years, excluding the Covid years of 2020 and 2021. This has led to heavy discounts for consumers, with the bargain period set to start immediately on Monday.
Despite seeing a slight increase in sales compared to the first three months of last year, fashion stores have still seen a 3 percent decrease in sales since 2022. The second quarter has not shown any signs of improvement, with sales volume dropping by 10.5 percent compared to the same month in 2024 – the worst April since 2008.
The retail landscape in Belgium is facing significant challenges, with both local and international clothing stores struggling to maintain their presence and profitability. The number of fashion stores in Flanders has decreased by 22 percent over the past decade, putting independent businesses and Belgian family chains under pressure. International chains are also facing challenges, with stores like Scotch & Soda and Esprit recently going bankrupt. Even well-known chains like H&M have experienced a 15 percent drop on the stock exchange.
To attract customers and boost sales, many retailers have turned to increased competition and offering discounts and promotions. This trend is likely to continue as Belgian clothing stores continue to struggle in a rapidly changing retail environment.