More Americans are willing to head back to stores than are ready to dine out now
If consumers have to choose between spending a post-coronavirus-lockdown Saturday buying new clothes or at a restaurant having dinner, more will choose shopping.
The findings are in line with commentary from TJX Cos. TJX, +1.08% , with Chief Executive Ernie Herrman reporting year-over-year sales increases at the more-than-1,100 stores that had reopened for a week or more, during the off-price retailer’s earnings call last month.
“All in, we think it could take until early 2021 before store volume reaches the ‘new normal,’” analysts led by Ike Boruchow wrote in a report published Monday. Read:The No. 1 thing Americans are spending their stimulus checks on — even more than shopping at Costco, Walmart and Target “Topline weakness at core Gap and Banana Republic continue to put pressure on the P/L, but we believe Old Navy is benefiting larger picture from the disproportionate growth of ‘value retail’ and has seen market share gains across numerous categories with incremental market share dollars up for grabs due to J.C.Penney’s recent bankruptcy and eventual door closures ,” analysts wrote.
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