COVID19 has acted in similar fashion to the 2008 economic crisis that crashed the economy once before, and just like before, it's small business owners and average citizens getting the worst of it. A whopping 51% of clothing retailers experienced a decline in sales, with 40% of clothing retailers closing theirs doors entirely.
Even worse, many of those stores won't be opening up again, at least not in the traditional sense.
With almost all retail sectors pointing downwards, websites like Amazon are seeing a boom, which, let's be honest, you hate to hear. It's not that online is bad. It's the distribution of sales that is so heavily skewed the numbers are staggering. There's no doubt that Toronto stores will re-open over time, and some will recover, but COVID19 wasn't the first of it's kind, and as global markets expand, it certainly won't be the last either. This has been a loud and clear warning to retailers that alternative routes must be taken.
People's desire to look and feel good will not change. People's desires to express themselves as individuals and as part of a larger community has not gone away. All of our cultural and communal instincts rage on, and now more than ever, it is important people can continue to put their truest self out there.
Because of this, I believe now is the time for "Community Based Retail" to rise.
House of Koda's mission is to take back our share of the market, and put the power, and profits, back into the pockets of the hard-working creators, artists, and business owners that operate in Toronto and surrounding areas. By providing a platform that promotes, educates, and facilitates both owners and consumers to shop with confidence knowing that every dollar is circulating back into the economy at a level we understand.
No more "trickle-down" economics of big box corporations getting massive tax cuts that we're told will end up in our pockets somehow. This crisis has shown enough for us to realize that is rarely, if ever, on a CEO's list of things to do.
It's time for Toronto, and the rest of Canada, to come together as allies, and change retail forever.
Here's what you can do. Subscribe to our newsletter and tell a friend that there's a new way to support local retailers while securing some of the nicest swag you can't find anywhere else. And best of all, every collection we host is someone who lives right here in the city we call home. You'll find news about the industry, private pop-ups, and advanced plugs on all the amazing things Toronto has to offer. 2020 has been hard on all of us. Let's do what we can to reclaim things as our own.