make do and mend
I have recently begun downsizing by wardrobe a little, most of my old clothes go to the local charity shop, a few more expensive items I usually resell on ebay but lately I have also been on a mission repairing broken seams and getting the local cobbler! Sexy.
You can re-invent your wardrobe just by getting rid of what doesn't fit you, cleaning out what you don't feel you suit anymore and keeping your best bits that suit your shape. Be ruthless.
But there's definitely going to be items that you can rescue that simply need some TLC. I always go to Jim's place the cobbler by the corn exchange for shoe repairs, it never seems to charge over £5 for anything! And I go to my local sewsmith in armley for all broken zips etc. The credit crunch will pass and it's a good time to simplify your clothes pile. For all his cheesiness Gok Wan is right this time!