In these uncertain times, shoes are a retailer’s best friend now.
According to experts, shoes are now pivotal for a brand’s business growth, given how prices of handbags have increased in recent years. The footwear sector, apparently, is now more accessible.
This tidbit comes in at a time when luxury is in a slowdown, and retailers are looking for alternatives to bolster sales figures amidst uncertainties such as terrorism in Europe, economic slowdown in Asia, and the U.S. elections, among others. Consultancy firm Bain & Co states that 2016 will be the first year to see a decline in luxury purchases since 2009.