As Shopping Picks Up During Pandemic, The Gap Widens Between Retail’s Haves And Have-Nots
As the second quarter kicked off, consumers had some cash to burn. They had refunds from canceled summer plans and money they would typically spend out on dinner or at the movies, not to mention extra funds from government stimulus checks. Yet many decided to skip the mall. Instead, they bought computers, home decor, groceries, and supplies for do-it-yourself projects from big-box retailers. The coronavirus pandemic and resulting lockdowns have underscored the widening gulf between retail’s haves and have-nots, as shopping picks up again and American consumers vote with their dollars. Last week, Walmart, Target, Lowe’s, and Home Depot reported tremendous sales gains and blew away Wall Street estimates. But Kohl’s and L Brands posted double-digit sales declines. As more retailers report results this week, investors will likely see similar patterns. Read more at CNBC.
