Retailers Brace For More Trouble From The Pandemic
The COVID-19 pandemic has been devastating for retailers deemed “nonessential,” with sales in several categories taking hits month after month since the spring. The consequences for many have been severe. Financial firm BDO warned that 2020 could see more retail bankruptcies than ever recorded in one year, tracking closely with Retail Dive‘s count of 27 so far. Another 17 seem on the brink. Some retailers are concerned that the holidays could be a repeat of the bleak second quarter. There have been signs of hope, with a few retailers actually thriving. Generally, consumption in recent months improved as stores reopened, buoyed by nearly $3 trillion in federal stimulus spending that put money into consumers’ pockets and propped up employment. But, with the holidays on the horizon, retailers remain jittery, in part because both the financial and public health outlooks remain precarious. Read more at Retail Dive.
