The true retail apocalypse is upon us now, courtesy of the coronavirus outbreak.
Big shifts in shopping habits in the past decade have wounded retailers in a disruption often likened to an Armageddon. But that upheaval unfolded in slow motion compared with the nuclear bomb that has fallen on American retail since many chains started closing en masse indefinitely in mid-March.
Weeks on end without revenue—Macy’s said this week it had lost the majority of its sales—and the losses stemming from the merchandise that will ultimately be sold at clearance prices will not only set weak retailers further back financially, but also hurt their relationships with vendors by canceling orders and impede the investments in tech and store updates they need to keep up with rivals.
