It was only a matter of time until casual wear moved from the streets and the style of choice in our free time and became more of an office fixture.
Let’s face it: dress clothes are not an indicator of a person’s ability to do his or her job and, quite frankly, the less comfortable you are at work the more likely you are to hate your job, meaning your company’s bottom line is going to suffer.
Creating an office environment where people can move about freely and be comfortable in their own “skin” is one of the best ways to ensure employee satisfaction.
As more companies tell their employees to chuck their ties and hang up that business suit in favor of jeans, khakis and sneakers, clothiers in dress wear will suffer.
Such is the case with Men’s Warehouse’s stock, which has seen a precipitous drop by 25 percent, according to reports in the New York Post.
The Post reports that “shares of Tailored Brands, which owns the suit retailer and the Jos A. Bank chain, plunged 25 percent to close at $8.75 after it reported a dismal holiday quarter and outlook, slammed by casual dress codes that are becoming increasingly popular in the workplace.
Comparable sales at Men’s Wearhouse dropped 3.2 percent in the fourth quarter, and the company expects sales of its “corporate apparel” to be down as much as 12 percent in the first quarter, management said on an earnings call.
Total revenues declined by 10.7 percent to $768 million in the fourth quarter.”
It shouldn’t come as a surprise that casual attire is the wave of the future whose time has finally come in the workplace.