How Lululemon Grew in a Dying Retail Landscape
Across the board, retail stores have been suffering due to the COVID-19 pandemic. This can be attributed to a number of factors such as: job losses, fear of going in public, and a lack of need for new items. Logically, all of these barriers should impact Lululemon, but somehow the brand is experiencing growth in 2020.
Lululemon is notorious for being a high-end brand. They’re often praised for the comfort and style of their clothing, but the price tag makes many shoppers scoff. Despite this, the brand has become synonymous with the “athlesiure” trend. This trend has maintained popularity in recent years, and Lululemon continues to be a staple in the casual and athletic markets.
Yet 2020 forced gyms to close and challenge our ways of exercising. It seems logical that Lululemon would feel an impact from this. Instead, the brand posted a 40% increase in value over 2019. Somehow, the luxury brand has built such a strong fanbase that it can maintain growth while other brands flounder.
The Challenging Retail Landscape in 2020
After half a year of shutdowns, quarantines, and social distancing, many retail stores remain closed. For the ones that have opened, the experience looks very different. Even for a brand like Lululemon who has reopened 97% of their stores, the closures have potential to stunt growth.
