The coronavirus pandemic dealt another crushing blow to retailers in April. Now the question is what the sector will look like as the economy reopens -- and how much permanent damage has been inflicted.Retail sales fell 16.4% last month, the Commerce Department said Friday, by far the largest monthly
The coronavirus pandemic dealt another crushing blow to retailers in April. Now the question is what the sector will look like as the economy reopens — and how much permanent damage has been inflicted.
But in contrast to the nearly vertical drop, any rebound is likely to be gradual. Big states like New York and California remain largely under lockdown, and businesses face significant restrictions elsewhere. Even as businesses reopen, there is no guarantee that customers will return in numbers previously seen.
Story continuesSurveys show that many Americans still fear the virus and are wary of crowded places. Epidemiologists and public health officials say those concerns are well founded. Dr. Anthony Fauci, the government’s top infectious-disease expert, told a Senate committee this week that rushing back to normal life could “trigger an outbreak that you may not be able to control.”
The plunge in sales, especially in areas like clothing, has shown how reliant many retailers have remained on physical outposts, even as the internet has upended the shopping landscape. J. Crew said in its bankruptcy filing that it expected to lose almost $900 million in sales because of the temporary store closings. The retailer’s most recent annual sales were about $2.5 billion.
Still, for all the grim economic news, there are hints of a rebound as retailers race to resume business with masked employees, plexiglass guards and hand-sanitizer stations. Macy’s and Gap Inc. are among retailers that have announced aggressive plans to reopen stores in coming weeks, as has the Simon Property Group, the nation’s biggest mall operator.
“We’re finding that’s a great gateway into retailing for consumers who might want to get out and see the mall but aren’t necessarily there yet from a safety standpoint,” he said.
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