In this case logistics cost will be more important, so factories closer to customers will win business
I don't think logistics or even storage were ever a large percentage in cost / unit. The highest two is rent, staff in retail, and marketing.
Although the idea of Online Retailing were suppose to save on this, in reality it is merely moving the Rental cost to last mile delivery.... which is also expensive.
A huge source of inefficiency is time to market. Fashion moves quickly and boats are not quick. Air freight is expensive, diving up unit prices.