Industry Analysis & Industry Trends
High unemployment and falling disposable income levels prompted many consumers to scale back discretionary spending during the recession. Consequently, men's clothing stores experienced declining demand and many operators resorted to promotional and discount activity to bear the burden. Although the industry is forecast to improve over the five years to 2019, especially as operators strive to increase operational efficiency and cater to niche markets, the industry will experience an increase in external competition as international clothing retailers muscle in on the Canadian retail market... purchase to read more
Industry Report - Industry Products Chapter
Suits and formal wear
The industry's largest product segment in the industry is suit and formal wear, which commands an estimated 29.1% of industry revenue. Suit and formal wear includes business suits, tuxedos, tailored and dress slacks, and dress shirts. Revenue derived from formal wear rental, such as tuxedos, was excluded from the industry. During the recession, men postponed suit and formal wear purchases due to high unemployment. Over the past five years, this segment's share of industry revenue experienced decline as the trend toward business casual dress continues to increase.
Shirts and slacks
The next largest product segment, shirts and T-shirts, grew over the past five years due to the rising prevalence of casual dress in the workplace... purchase to read more