Sorry Amazon's (AMZN - Get Report) Jeff Bezos, Zara founder Amancio Ortega is now the second richest man. 

Ortega is now worth $77.4 billion, just behind Microsoft's (MSFT - Get Report) Bill Gates' $86.4 billion, according to Forbes. So how is Zara doing so well when retail seems to be in a death spiral?

It's because of their supply chain - Zara is the best at staying on top of the latest trends because it can get those coveted designs from the runway to their customers the fastest.

Zara-owner Inditex  (IDEXY) has experienced double digit sales growth while their main competitor H&M (HNNMY)  sales are lower, extending their loss over the past three months to more than 11% even though their clothes are known for being less expensive than Zara.

Rather than try to compete with the supply chains and culture of fast fashion - traditional retailers should stick to what makes their brand unique, concentrating on storytelling and catering to their respective customers rather than the fleeting and flippant fast fashion crowd.

Customer loyalty through better quality is what will save traditional retail, not copying every last trend littering the dying mall.