10% Of Retail Demand Might Be Lost Forever
May 14, 2020
The coronavirus pandemic is sure to leave many lasting effects on the retail industry, including bankruptcies, store closures, and layoffs. It could also mean a healthy fraction of consumer demand for clothes and shoes is lost forever, according to one analyst. Five percent to 10% of pre-COVID-19 demand could be decimated permanently, as “lost store volume can’t entirely be made up online,” Wells Fargo retail analyst Ike Boruchow said in a note to clients Wednesday. Meantime, it could take at least nine months for sales levels to reach their “new normal,” and consumers are likely not going to return to shopping as they used to until the 2020 holiday season, “at best,” Boruchow added. Read more at CNBC.
