COVID-19 And Fashion And Luxury Retail’s Lost Season [Forbes]
Walmart Inc. (WMT)
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Source: Forbes
A "Temporarily Closed" sign hangs in the window of Nordstrom Inc. store in the Midtown... [+]neighborhood of New York, U.S., on Friday, March 20, 2020. Some retail segments, such as grocery chains and Walmart, may benefit from the coronavirus outbreak. But for a sector already battered by the shift to online retailing and other structural changes, the coronavirus only portends more pain. Photographer: Gabby Jones/Bloomberg© 2020 Bloomberg Finance LPBy now the devastating impact of the COVID-19 outbreak on retail is becoming well known. March retail sales fella record 8.7%Unpacking these results reveals a wide-range of outcomes. Stocking up efforts, along with people eating at home more, drove a surge in spending at grocery stores and pharmacies. At the other end of the spectrum, department store sales (with a large concentration of fashion-related offerings) fell some 25% andapparel and accessory store revenues cratered 52%It’s perhaps quite the understatement to say that such a massi
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