Industry Analysis & Industry Trends
The Clothing and Footwear Repair industry has fared well over the past five years. The industry has been largely unaffected by the turbulent economic conditions that have plagued traditional retailers. Widespread economic uncertainty and volatility in consumer sentiment have prompted many households to scale back expenditure on unnecessary items of clothing and footwear, and instead extend the life of existing items by spending on repair and alteration services. Industry players have also benefited from the growing popularity of upcycling, where old garments are transformed into new items. Over the five years through 2015-16, industry revenue is forecast to rise at an annualised 3.2% to reach $225.0 million, including growth of 1.8% in 2015-16... purchase to read more
Industry Report - Starting a New Business Chapter
The industry has low barriers to entry and the trend is steady. It is relatively easy for new operators to enter the industry, as concentration and competition are both low. The top four players control well below 40.0% of the market, enticing new players into the industry to gain market share. Furthermore, the specialised nature of services offered by the industry means that competition from other players is largely restricted. Unlike the retail trade sector in general, most retail industries are unlikely to expand their product range to offer clothing and footwear repair services.
New operators may be tempted to enter the industry due to its mature life cycle status, which provides new players with a well-defined service and an established buyer's market... purchase to read more