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The coronavirus disease is affecting every aspect of life. Schools, hospitals, grocery stores and more are dealing with the repercussions of the virus in unprecedented fashion. The sneaker industry is no different as most, if not all, of the major brands are reporting a drastic drop in sales due to the closure of retailers and other variables.
Matt Powell, the sports industry advisor of NDP Sports, reports that the decline is across the board. Powell reports that Nike sales were down around 75% for the last week of March. Vans, New Balance and adidas faced similar declines. Jordan Brand, Under Armour, Converse and Sketchers seem to be the most affected brands thus far with hits of more than 80%. Brooks, which faced less of the heat, took a hit of 55%.
Brands such as Nike, adidas and a few others were holding sales ranging from 10%-40% off within the last two weeks. Nonetheless, a lot of the decline in sales can be attributed to local boutiques and renown retailers having to temporarily close their doors and go strictly online as a result of the self-isolation/quarantine measures being taken across the country. Not to mention, the unemployment rate is exponentially increasing as companies and job markets across the country are being hit hard due to the economic fallout of COVID-19.
In addition to that, Powell reports that a lack of sports can be attributed to a monumental drop in sales specifically in cleats for sports such as baseball, soccer and football as he claims that those categories dropped 100% in sales. Running dropped 70%, and basketball footwear dropped 80% as well.
Although online traffic for brands/retailers is on the up, it isn’t enough to make up for the loss of sales that occur in person.
Keep it locked here at Nice Kicks for everything coronavirus. If you’re looking to support local shops, here’s a small list of stores you should check out and support.
