COVID-19: TM Lewin shuts physical stores, moves online
TM Lewin has become the latest retailer to shut its physical outlets, with 600 jobs lost. The 122-year-old shirt maker’s 66 shops, which also sell shoes, suits and ties, will disappear physically, though its online platform will remain.
Blaming the ongoing pandemic for the move to digital-only, as it could not afford to pay rents after stores shut in March, it is the latest retail victim of the crisis, following the owner of Britain’s biggest shopping centres, Intu Properties which went into administration last week. The coronavirus pandemic has battered high street stores as only essential shops like supermarkets have been permitted to stay open.
TM Lewin is not alone in the crisis as many fast fashion industry players have been badly hit by the coronavirus pandemic that has forced many stores globally to be shut for months on end and no specific time on when they’ll be re-opening. With reduced spending power amongst buyers generally, many retailers are forced to consider only online sales. Other global fashion retailers that have declared bankruptcy this year and/or closed physical stores include DVF Studio, JC Penney, Neiman Marcus Group, Aldo Group, John Varvatos, J. Hilburn, True Religion, Forever 21, Zara, Victoria’s Secret and Pier 1 amongst others.