Retail & Services
Overview this week
Retail is suffering tremendously from the coronavirus pandemic, especially as cases rise on a national scale. With lockdowns pending, shoppers are flooding stores and online platforms for basic household items.
Top 3 News Highlights This Week
- Macy's decline in in-person sales is not significantly made up for in the department store's digital marketplace. The store's pandemic induced decline in business is reflective of the retail industry's suffering. Stores in outdoor malls or shopping centers have performed better throughout the pandemic than their counterparts in enclosed malls.
- Essential workers in retail businesses, including Amazon, were hailed at the start of the pandemic. Yet, the hazard pay meant to benefit these employees who are working throughout the public health crisis is minimal, even as cases rise. Amazon, whose sales increased 200% this year, has not established a hazard pay standard for its employees.
- As COVID-19 cases rise and shutdowns are looming, consumers are flooding retail and grocery stores for household basics, much like shoppers did in March. Grocery store chains and companies like Walmart and Target are struggling to keep up with demand for these products and are limiting the amount each person can purchase.