The apparel industry rakes in a massive amount of revenue each year. But as shopping malls struggle with a decline in foot traffic, many retailers have had to get creative to keep sales growing. Some companies, like Nike and Ralph Lauren, are dominating the industry, while others, like Gap, are closing stores and laying off employees. Insidermonkey experts made a list of the top 15 high end retail clothing stores in America.
The global fashion apparel industry represents roughly 2% of global GDP, having a total value of over $1 trillion. The U.S. apparel industry has the largest chunk of the global fashion clothing market, valued at $343 billion. Moody’s recently said in a report that consumer spending on apparel and footwear will be cold in 2017, as consumers now prefer to spend more on rent, healthcare and household products instead of luxury items like clothing. Nonetheless, the overall retail sector will experience stable growth, with operating income growth expected to be between 4% and 5%, and sales growth in the range of 3% to 4%.