"We’re seeing fashion retailers continue to struggle with the same issues that have dogged the market for several years now: over-buying and deep discounting," Tooke added.
These companies are stuck in a rigid, seasonal buying cycle which no longer reflects how consumers shop. Gone are the days of buying a new winter coat come rain or shine: consumers are far more flexible in their approach to shopping and many retailers have been left behind. The result is piles of leftover stock these shops then have to sell off at vastly reduced prices.Read more: Liberty owner teams up with Jack Wills founder to buyout fashion chain However, Tooke added that while the collapse of BHS was a "highly symbolic blow" to high street morale, in reality its overall market performance "was actually less significant". "Never a top ten fashion retailer, the majority of BHS's £400m in sales was reapportioned among competitors – although it was nowhere near enough to redeem a flagging performance elsewhere."