Independent fashion retailers have been gaining share against multinationals as their sales continue to accelerate, according to data from wholesale management platform Joor.

The share of total transaction volume on Joor attributed to independent retailers has increased from 49 per cent to 62 per cent over the past five years.

Joor’s latest market survey also found 51 per cent of independent brands reported year-on-year growth, compared to 39 per cent of brands through multi-brand e-commerce sites and 31 per cent through department stores.

Last year, like-for-like independent retailers’ transaction volume rose 27 per cent compared to 2020, while enterprise retailers saw a decline of 4 per cent.

Within the enterprise segment, like-for-like department stores saw the most dramatic drop of 13 per cent, partially offset by increases from multi-brand online and off-price retailers.

The survey also revealed that lower price points are becoming increasingly important to retail buyers as they seek to ensure a well-rounded assortment. About 35 per cent of respondents cited a lower price point as a key factor when selecting new brands, up from 25 per cent three years ago.

“The independent retail sector is a cornerstone of this performance, offering a level of resilience and momentum that has made it a fundamental part of brands’ global strategy,” said Amanda McCormick Bacal, SVP of marketing at Joor.

“In tandem, retailers are achieving success through thoughtful curation and embracing a wider breadth of price points to effectively meet consumer needs.”