Unfortunately, this was not enough to stem the losses that saw Topshop/Topman’s earning fall by $3 million, according to Myer’s most recent financial results released in May. Administrators Ferrier Hodgson said stores would continue to trade as usual and workers would continue to be paid, although it has not ruled out closing some stores as part of the eventual restructure. Topshop's Hilton Seskin, front left, with Myer’s Daniel Bracken in Melbourne.Source:News Corp Australia Steve Ogden-Barnes from Deakin University’s business school said Topshop’s struggles highlighted the difficulty of succeeding in the local market. “The retail sector in Australia has been a tough one to make work for a long time,” Dr Ogden-Barnes told 3AW this morning. “When you think about the cost base involved in retail, there are probably are some lessons to be learned — some very tangible, probably cost-based reasons for this news.” He said rents, shop expenses, wages, transport and distribution costs in Australia made it “an expensive place to do business.” And he agreed that rival fast fashion giants Zara, H&M and Uniqlo made it difficult for Topshop to stay relevant. “You’ve absolutely got to lift your game in retail generally, but just so much more in fashion, the hardest part of the market to correct.” Shoppers at the Sydney store opening in 2012. Picture: Cameron SpencerSource:News Limited Fashion commentator and journalist Rachel Wells said Topshop’s biggest problem was that it had failed to deliver on its biggest promise. “They haven’t delivered on cheap, high quality fashion,” Ms Wells told news.com.au. “They’re certainly still delivering on-trend pieces but, from a fashion perspective, Zara has superseded them in terms of both quality and appeal of garments.” When Topshop first arrived in Australia, she said, local shoppers jumped on the “cheap, on-trend” brand that they’d loved to buy during trips overseas. But it quickly became apparent that its local iteration was not quite the same.
For the original version including any supplementary images or video, visit http://www.news.com.au/finance/business/retail/how-topshop-went-from-the-hottest-new-label-to-hit-australian-shores-to-a-fast-fashion-failure/news-story/7e1408be5ccef70c1156cb0d766bd3bd
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