2003 Retrospective
The U.S. economy lurched toward recovery in 2003, and the apparel industry also showed signs that business was picking up.
The best news was in retail sales, where California-based specialty chains Pacific Sunwear, Hot Topic and the Gap posted consistent gains all year. Retailers at the high end also did well, as did retail giant Wal-Mart.
On the employment front, the news was less optimistic. Employment in the apparel and textile sectors continued to decline—even in the formerly strong growth region of Orange County.
The United States also saw imports shift to Asia, as China replaced Mexico as the top trading partner.
And at the local level, real estate was mixed, with retail rents in popular shopping areas such as Rodeo Drive and Old Town Pasadena continuing to climb, while warehouse and industrial space in areas such as Vernon declined slightly.
As 2003 comes to a close, California Apparel News takes a look at some of the economic indicators that shaped the year. For more coverage, click here, here, here or here.
