As per a Brightpearl survey, over 37 per cent of fashion brands plan to close stores across the globe this year. Around 56 per cent of retailers will shut their physical stores while 66 per cent of shoppers don’t plan to visit a mall in the next year.

One in five retailers plan to move their stores from major city centers and into local neighborhoods within the next 12 months. However, around 58 per cent retailers expect their e-commerce operations to fare much better than the rest of their business in the next 12 months.

These retailers plan to ramp up their digital operations over the next year to meet growing demand. Technically savvy companies plan to add local collection points to their online delivery, capitalizing on customers' increased preference for local shopping. Brands that are prepared to adapt to this once in a generation retail transformation will prove to be successful in the long-term, says the survey