{"id":106414,"date":"2021-02-06T20:04:48","date_gmt":"2021-02-06T20:04:48","guid":{"rendered":"https:\/\/fin2me.com\/?p=106414"},"modified":"2021-02-06T20:04:48","modified_gmt":"2021-02-06T20:04:48","slug":"is-t-j-maxx-recession-proof","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/is-t-j-maxx-recession-proof\/","title":{"rendered":"Is T.J.Maxx recession-proof?"},"content":{"rendered":"<p><cite>New York (CNN)<\/cite>Kiss your sharply-tailored menswear, your sheath dresses and high heels goodbye.<\/p>\n<p>The new work-from-home reality<strong> <\/strong>has rapidly recalibrated the fashion code for professional wear, and that spells trouble for the retailers who sell formal office clothing.<br \/>\nOn Wednesday, Brooks Brothers, the 202-year-old menswear retailer that has dressed 40 US presidents and is synonymous with the classic Wall Street banker look, filed for bankruptcy as demand for suits plummeted amid the pandemic.<\/p>\n<ul><\/ul>\n<p><img decoding=\"async\" alt=\"Brooks Brothers, the 202-year-old menswear retailer filed for bankruptcy.\" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/200708132436-restricted-brooks-brothers-0708-large-169.jpg\"><br \/>\nMeanwhile, Ascena Retail Group, which owns Ann Taylor and Lane Bryant apparel chains, told Bloomberg it&#8217;s weighing all options to stay afloat after its business was hit hard by a pullback in clothing purchases, including officewear. Ascena is reportedly planning to shut at least 1,200 stores. It has 2,800 locations in the United States, Canada and Puerto Rico.<br \/>\nThe turbulence has ensnared Men&#8217;s Wearhouse, too. With more than 10 million men who&#8217;ve lost their jobs and millions more working from home in recent months, buying a suit is hardly a priority. Tailored Brands, which owns Men&#8217;s Wearhouse, could be another retailer in the space mulling bankruptcy.  <\/p>\n<p>Ascena did not immediately respond to request for comment, and Tailored Brands declined to comment.<br \/>\nWith more work calls and team meetings now taking place from the comfort of home, office wear has become decidedly more relaxed. It&#8217;s a shift that&#8217;s been occurring for years, as employers in more buttoned up industries like financial services competed for talent with tech companies and upstarts that had their own, more laid-back work cultures.<\/p>\n<h3>&#8216;Nail in the coffin&#8217;<\/h3>\n<p>The pandemic may have ended formality forever.<br \/>\n&#8220;Brooks Brothers&#8217; bankruptcy filing is really quite incredible,&#8221; said Jessica Cadmus, a New York-based stylist whose clients mostly work in the finance industry.<br \/>\nCadmus worked at Brooks Brothers earlier in her career, helping to set up a client concierge service for the company&#8217;s flagship store on New York&#8217;s Madison Avenue. &#8220;The reality is that workwear trends have been shifting for a while now and sadly the pandemic was the final nail in the coffin.&#8221;<br \/>\nEven prior to the national shutdown,<strong> <\/strong>Cadmus said her clients were gravitating to a more relaxed work look. &#8220;There was an enormous shift taking place towards business casual,&#8221; she said.<\/p>\n<p><img decoding=\"async\" alt=\"Jessica Cadmus, a stylist whose clients mostly work in the finance sector, said the pandemic has accelerated a drop in demand for formal workwear like tailored suits.\" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/200708152418-stylist-jessica-cadmus-large-169.jpg\"><br \/>\nLast year,<strong> <\/strong>Goldman Sachs announced that its employees could start dressing down for the office. The Wall Street firm has historically favored collared shirts and suits.<br \/>\n&#8220;Then when Covid-19 hit and people were forced to work from home, there was an absolute halt in buying formal workwear,&#8221; said Cadmus. &#8220;The emphasis from my clients now is on polished loungewear, where the fit is not as tailored and comfort is key.&#8221;<br \/>\nHer male clients, she said, are looking for new shirts but not trousers. &#8220;They are not asking about sports coats, suits, or shoes. It&#8217;s just shirts,&#8221; she said. Women want statement necklaces, earrings and broaches instead of suits and dresses for a more put together look for video calls.<br \/>\nSome people aren&#8217;t even changing out of their pajamas<strong><del>.<\/del><\/strong> In June, 47% of consumers told market research firm<strong> <\/strong>NPD they are wearing the same clothes throughout most of their day while at home during the pandemic, and nearly a quarter said they liked wearing activewear, sleepwear, or loungewear most of the day.<br \/>\n&#8220;People clearly do not want to change into multiple outfits throughout the day, especially under these circumstances,&#8221; Maria Rugolo, NPD&#8217;s apparel industry analyst, said. &#8220;It is about blending and maximizing one&#8217;s wardrobe. They still want to look presentable for work, but also want to feel comfortable.&#8221;<\/p>\n<p><img decoding=\"async\" alt=\"Personal stylist Nicola Harrison working with a client.\" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/200708131804-stylist-nicola-harrison-large-169.jpg\"><\/p>\n<p>Stylist Nicola Harrison, whose clients include professionals in finance and other industries, acknowledges that workwear is now less dressy.<br \/>\n&#8220;But I&#8217;ve also been pushing against it,&#8221; she said. &#8220;For men, suits and sports coats provide a polished, professional look. And let&#8217;s be honest, they are very forgiving and hide a multitude of sins.&#8221;<\/p>\n<ul><\/ul>\n<p>For her, casual is acceptable at work to a degree. &#8220;Dark jeans, button-down shirt, a sports coat. You just shouldn&#8217;t go too far in the other direction because you are working from home.&#8221; Her &#8220;don&#8217;ts?&#8221; Ill-fitting polo shirts or clothes from your college days.<br \/>\n&#8220;Fit is key even with a casual look, even for a Zoom call,&#8221; she said. &#8220;With all the craziness happening in the world, the one thing you can control is your appearance. So why let yourself go?&#8221;<br \/>\nSource: <a href=\"https:\/\/edition.cnn.com\/2020\/07\/08\/business\/office-wear-dead-brooks-brothers\/index.html\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (CNN)Kiss your sharply-tailored menswear, your sheath dresses and high heels goodbye. The new work-from-home reality has rapidly recalibrated the fashion code for professional [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":106413,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Is T.J.Maxx recession-proof? - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/is-t-j-maxx-recession-proof\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is T.J.Maxx recession-proof? - Fin2me\" \/>\n<meta property=\"og:description\" content=\"New York (CNN)Kiss your sharply-tailored menswear, your sheath dresses and high heels goodbye. 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