during the covid many industry and business got such =2 industry and business names and write ur own way to deal with the situation and make things better
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A look at the unfolding fallout from COVID-19 on stores, hotels, foodservice and fashion, and glimpsing a post-pandemic business landscape.
As the nation retreats from stores and restaurants to air travel to thwart the spread of COVID-19, the consumer economy has come to a near-screeching halt, with a range of business sectors taking massive hits.
As the nation retreats from stores and restaurants to air travel to thwart the spread of COVID-19, the consumer economy has come to a near-screeching halt, with a range of business sectors taking massive hits.Here, experts weigh in on the impact thus far of the coronavirus on U.S. retail, hospitality, foodservice and fashion, and glimpse a post-pandemic business landscape.
Retail: For the nation’s biggest private employer, ‘we have no idea when consumer spending will bounce back’
Retail is the juggernaut of the U.S. economy, contributing a whopping $2.6 trillion, or about 25%, to the annual GDP, according to the National Retail Federation.
As an ever-growing list of national players like Macy’s, Nordstrom, Nike and Apple shutter their doors in the wake of the virus, and with Simon, the country’s largest mall operator, closing over 200 shopping centers, a sector that’s already been battered by widespread closures is taking another hit, as stores go dark around the country.
“Retail is the nation’s largest private-sector employer, supporting 52 million jobs overall,” Matt Shay, president and CEO of the NRF, told CO—. “While select retailers are not seeing diminished sales — warehouse clubs, grocery and drug stores — as consumers stock up on essential items, others are struggling.”
“Retail is the nation’s largest private-sector employer, supporting 52 million jobs overall,” Matt Shay, president and CEO of the NRF, told CO—. “While select retailers are not seeing diminished sales — warehouse clubs, grocery and drug stores — as consumers stock up on essential items, others are struggling.”Retailers that sell wants not needs, like apparel merchants and department stores, for example, will bear the brunt of this crisis, Ray Wimer, an assistant professor of the retail practice at Syracuse University’s Martin J. Whitman School of Management, told CO—.
CRISIS PRECEDENTS
The coronavirus pandemic is vastly different from other crisis situations, Wimer said. “It took consumers about six weeks to start spending in the retail sector after 9/11; about six months post the [2008] crash. Right now, there is so much uncertainty that we have no idea when consumer spending will bounce back,” he said. “It really depends on how the government continues to place restrictions that help flatten the curve and when these restrictions will be lifted. Being optimistic, the third quarter for retail should bounce back if restrictions are ended by May 31.”
Still, “the revenue being lost right now is not going to be made up, so many retailers will have a huge issues with meeting loan obligations,” Wimer said. “There will also be some supply chain issues as there will be backup of product, which may mean [retailers] cancel the orders with manufacturers.”
^_^Global consumer demand has been adversely affected by both anxiety and the absence of in-person engagement.^_^