A new report predicts the retail industry will feel effects from the COVID-19 pandemic even after shops are allowed to gradually reopen, as consumers will likely remain wary of shopping in-person.
The report from KPMG predicts lower rates of consumer spending "will disproportionately impact the same retailers that were forced to close their outlets during the lockdown," and that sales for apparel, speciality and department stores will fall off "and remain depressed until employment and consumer confidence rebound."
"Stores may also suffer from continued social distancing behavior—with consumers staying home and avoiding public spaces, even after they are not required to," the report reads, noting this trend has played out in countries where many businesses have already reopened.
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Jacqueline Thomsen
Jacqueline Thomsen, based in Washington, is a reporter covering D.C. federal courts and the legal side of politics. Contact her at [email protected] and follow her on Twitter @jacq_thomsen.
