Not only will more retail chains go out of business but also the sector will never be the same, said billionaire fintech investor Glenn Hutchins in an episode of “Yahoo Finance Presents” on Monday.
J. Crew on Monday became the first national U.S. retailer to file for bankruptcy amid the coronavirus outbreak, and Neiman Marcus isn’t far behind, according to a Bloomberg report. Meanwhile, sales at e-commerce giant Amazon have surged while many Americans remain stuck at home.
“The kind of ways they provided their goods — and the goods they provided — are likely just to go away permanently,” adds Hutchins, co-founder of Silver Lake Partners and former special advisor to President Bill Clinton on economic and health-care policy. The trend is backed by earnings released in late April by Target , which showed that digital sales to-date in that month had surged 275% while store sales had plunged at a high-teens percentage, as Yahoo Finance’s Brian Sozzi reported.
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