Mainstream retailers may be struggling to make ends meet, but alterations chain LookSmart Alterations is one of a number of franchises cashing in as consumers become increasingly frugal.

LookSmart, which already has 96 branches across Australia and New Zealand, is planning to add one new store to its network every month as it takes advantage of changing consumer trends.

Chief executive Ray Bryant told Inside Retail that instead of purchasing new clothes, consumers are more likely to repair or alter existing items in their wardrobe. Read on.