Cornelia Nicolae (Fashion House Group): The retail industry in 2024 is poised for continued innovation

In anticipation to the upcoming re:FOCUS on Retail, Couriers & Logistics 2024, Business Review sat down for an exclusive interview with Cornelia Nicolae, Retail Operations Director at FASHION HOUSE Group Romania, who will also be a speaker in the conference scheduled for February 13.

How did consumption evolved in 2023 and what are your estimates for 2024?

For FASHION HOUSE, in Romania, the year 2023 was extremely favorable from all points of view. We are coming on a trend of accelerated growth visible in 2022 and which has continued from quarter to quarter until the end 2023. In our centers, the performance of the outlet stores is one that we can call spectacular, without any modesty. Several of the stores present in FASHION HOUSE recorded the best results in their entire network, and this is impressive, but we can also see this as a reflection of the consumer’s needs in this period.

We look forward with optimism towards 2024 and we estimated further increase in both FASHION HOUSE Outlet Centers in Bucharest, taking into consideration also our development plans for this year.

How do you think consumption will be affected by the new taxes that come into force at the beginning of next year?

The implementation of new taxes might bring significant changes in the consumption landscape of the fashion retail market in Romania. This impact is likely to be felt in various ways, given consumers’ sensitivity to price factors and their buying behavior.

The first crucial aspect to consider is the pricing of products. With the introduction of new taxes, prices may experience an increase, prompting many customers to reconsider their buying options. This could lead to a heightened preference for more affordable products or a reduction in the frequency of purchases.

These market contexts, in general, are favorable for outlet stores. Those who do not want to give up the quality guaranteed by the reputation of premium brands will always choose to look for a price alternative that they find affordable in outlet centers.

What are the main development trends in retail in 2024?

The retail industry in 2024 is poised for continued innovation and adaptation to meet the changing expectations of consumers. Successful retailers will be those that embrace technology, prioritize sustainability, and create unique and personalized shopping experiences.

About Cornelia Nicolae

An experienced Retail Manager with a demonstrated history of working in the apparel and fashion industry, Cornelia Nicolae has been the Retail Operations Director of FASHION HOUSE Group since September 2020. A strong sales professional, skilled in Fashion Retail, Marketing Management, Negotiation, Budgeting, and Luxury Goods, she has previously served as a Retail Sales Manager, General Manager, and Country Manager for Stefanel and BSB Fashion.

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