BREAKING: The Federal Reserve says parts of the financial system came under severe strain in March, and sees further threats possible.
Shapiro said he thinks retail sales should rebound somewhat as states and localities reopen their economies. But he said overall sales would remain depressed “because there is going to be a big chunk of the lost jobs that don’t come back.”
Clothing-store sales tumbled 79%, department stores 29%. Restaurants, some of which are already starting to close permanently, endured a nearly 30% decline despite shifting aggressively to takeout and delivery orders. Lindsay Fulton, a 29-year-old from suburban Richmond, Virginia, who was furloughed from her sales job at the end of March, said most of what little shopping she does now is online. She has no plans anytime soon to browse stores or simply shop for fun.In the past two weeks, J.Crew, Neiman Marcus and Stage Stores have filed for bankruptcy protection. J.C. Penney appears on the verge of following them. UBS estimates that roughly 100,000 stores could shutter over the next five years.
The pressures being exerted on retail are also being felt globally. Among the European countries that share the euro currency, retail sales fell a painful 11.2% from February to March.
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