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"Claire's could not evolve fast enough to compete with nimble online platforms such as Temu and TikTok Shop, according to Nicholas Found, head of commercial content at Retail Economics. Temu's ultra-low pricing and TikTok Shop's ability to turn its social media users into customers has diminished the relevance of traditional high street players, especially in fashion accessories where impulse buys are easy to substitute, he said."
Independent journalists cover topics from reproductive rights to climate change and Big Tech, relying on reader donations to fund on-the-ground reporting and to speak to both sides of developing stories. The Independent does not use paywalls and positions quality journalism as available to everyone, paid for by those who can afford it. Competition from online retailers is squeezing high street brands after Claire's and The Original Factory Shop (TOFS) were placed into administration. Experts cited Claire's inability to evolve quickly enough and highlighted Temu's ultra-low pricing and TikTok Shop's social-commerce conversion as reducing the relevance of traditional high street players, especially for impulse-driven fashion accessories, with more retail giants possibly facing struggles.
Read at www.independent.co.uk
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