The Fashion Industry Has Been Negatively Impacted by the Coronavirus Outbreak on Every Possible Level
Production was halted
Consumer demand plummeted, with projected
retail revenue down by 30% for 2020
Major brands and retailers shuttered their
doors or postponed major events
Customer retention and acquisition have
never been more challenging
Cancelled orders and reduced workflow
are negatively impacting cash flow
Surplus inventories are resulting in massive
discounting at retail, further eroding margins
A forced shift to online retailing is causing
everyone to rethink the equation
These Changes Are Causing Considerable Financial Distress for Garment District Businesses and Necessitate a Crisis Management Approach.
The Garment District Alliance has fully funded ITAC’s Rapid Intervention Program, aimed at strengthening manufacturers in NYC’s Garment District and helping them to develop strategies to address their biggest challenges.
The goals of the program, which is entirely free for participating businesses, include:
– Assessing the current health of your business, identifying your most pressing needs and providing guidance as appropriate (e.g. alerts to Federal, State and City programs that may be helpful)
– Jumpstarting your efforts by providing 4 hours of consultation with an expert in one of the following areas: Business Strategy, Operations, Finance, Digital Marketing and Human Resources
– Providing marketing support:
- A 3-5 page website for your business, or a review and proposed enhancement of your current website
- Development of a profile of your business that would be promoted as part of the Garment District’s “Faces of the Garment District” feature, which will highlight the industry’s presence in the District
How Can You Take Advantage Of This Free Program?
Set up a “Discovery Meeting”: a one-on-one session to review your specific business and to assess where you most need help. This will be conducted via Zoom for convenience and safety. We will then arrange follow-up meetings with a specialist based on your specific needs. Please contact Andy Ward if you would like to take advantage of this program. We look forward to helping your business navigate these difficult times.
Programming Made Possible by the GDA & ITAC
Learn More About the Organizations
The Garment District Alliance
The GDA serves New York’s storied Garment District, in the heart of Midtown Manhattan. Working in partnership with local building owners and businesses, the GDA works to improve the quality of life and economic vitality in this authentic New York neighborhood. The Garment District Alliance, formerly the Fashion Center BID, is a not-for-profit corporation, established in 1993. The Garment District Alliance is a proud and long-time supporter of New York City’s fashion industry and has demonstrated its commitment through an array of programs and services aimed at strengthening the industry.
ITAC is a premier manufacturing advisement firm that connects New York City firms to ideas, resources, and experts to help them grow their businesses, improve their bottom lines, and achieve their strategic goals. ITAC works with companies throughout the five boroughs, helping them expand into new markets, create innovative products, develop their customer base, find new partners, improve their processes and develop sustainable practices. This also translates into job creation/retention, and significant economies of time and money. As the NYC chapter of the Manufacturing Extension Partnership nationwide network, ITAC is part of the largest consulting network in the U.S. serving small and medium manufacturing and technology companies, and has access to an unparalleled knowledge base. With a 30+ year record of helping companies succeed, ITAC’s team also has a deep understanding of opportunities and challenges that are unique to New York City.