The apparel industry often thrives off of style-savvy consumers, attempting to satisfy their specific demands. However, as stated by Standard and Poor, this industry also supplies people with practical attire that is “affordable and unlikely to change drastically in style from year to year” (Driscoll 14). In many instances, apparel and footwear can overlap each other, with many companies selling goods in both categories. The apparel and footwear industries target consumers of men, women, and children based on needs and of course trends. Some apparel companies gain approval of their consumers and flourish with profits, while others are not so fortunate.
According to Standard and Poor’s Industry Surveys, the trend for apparel sales is rising (Driscoll 1). A well-renowned research group known as NPD Fashionworld reported that retail sales in the apparel industry rose 5% in 2006 compared with a 4% increase in each of the past three years (Driscoll 1). As of February 2007, the US Department of Commerce recorded that US consumers spent an annualized $369.7 billion on clothing and footwear, up 4.2% from the $354.8 billion spent in the year before (Driscoll 6).
One of the main contributors to the industry’s overall statistics is Federated Department Stores Inc., owner of the Macy’s and Bloomingdale’s department store chains and who recently purchased ownership of its smaller rival May Department Stores Co., owner of Lord & Taylor, Filene’s, and the Marshall Field’s chains (Driscoll 1). In 2006, the combined company generated sales of $26.97 billion through about 850 stores (Driscoll 1). Because of their dominating power in the apparel industry, many major apparel companies do not compare to Federated’s figures. Nike Inc., the popular footwear company generated $19.97 billion in sales in 2006, Vanity Fair Corp., which features lines such as North Face, Vans, and Wrangler jeans at $6.21 billion, Liz Claiborne with $4.99 billion sales at 400 stores, Jones...