Unlike some businesses that have been wrung out by the downturn, fashion retail has a huge upside. It is the number one industry in the world. More people make their living designing, manufacturing, shipping,or selling apparel and accessories than any other business. According to the National Retail Federation it accounted for half of all dollars spent during the 2008 holiday season. To illustrate how important it is to the economy, according to fashion industry trade group Nolcha, annual retail sales in New York City are approximately $42 billion with $19.5 billion in Manhattan alone. In NYC over 260,000 people are employed in the retail industry with 60,000 of these being employed in clothing and accessory stores. Fashion retailing is deeply embedded in American commerce.
Out of Character
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