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The COVID-19 pandemic has taken a sharp economic toll on the retail industry worldwide as many retailers and shopping centers were forced to shut down for months due to mandated stay-at-home orders. As a result of these closures, online retailers received a major boost in sales as customers looked for alternative ways to shop and the effects of the retail apocalypse were exacerbated.A number of notable retailers filed for bankruptcy including Ascena Retail Group, Debenhams, Arcadia Group, Brooks Brothers, GNC, J. C. Penney, Lord & Taylor and Neiman Marcus.
The United States has had multiple closures attributed to the pandemic and the ensuing recession. As of August 3, 2020, 43 retailers based in the USA have filed for bankruptcy according to CNBC.
The USA's Centers for Disease Control and Prevention has issued guidance for businesses and employers on COVID-19 prevention and management measures in the workplace. [ citation needed ]Engineering controls such as altered workspaces to allow physical distancing, plexiglass barriers, and improved ventilation are recommended. Administration controls such as training, symptom screening, routine cleaning, avoiding shared equipment and office space, staggered shifts, and flexible sick leave policies are strategies to keep employees safe and healthy. Personal protective equipment such as face coverings or gloves may be necessary depending on the job tasks.
Sears, Roebuck and Co., commonly known as Sears, is an American chain of department stores founded by Richard Warren Sears and Alvah Curtis Roebuck in 1892, and reincorporated by Richard Sears and Julius Rosenwald in 1906. Formerly based at the Sears Tower in Chicago and currently headquartered in Hoffman Estates, Illinois, it began as a mail ordering catalog company, then began opening retail locations in 1925, the first in Chicago, Illinois. In 2005 the company was bought by the management of the American big box discount chain Kmart, which formed Sears Holdings on completion of the merger.
Penney OpCo, LLC is a midscale American department store chain with 689 locations in United States and Puerto Rico. In addition to selling conventional merchandise, JCPenney offers large Fine Jewelry departments, The Salon by InStyle, and Sephora inside JCPenney. JCPenney stores often house several leased departments such as, Seattle's Best Coffee, optical centers, and portrait studios.
Debenhams.com, or simply just Debenhams, is a British online retail brand owned by the online retailer Boohoo. Previously it had been an independent company operating a series of department stores in the UK, Denmark and the Republic of Ireland. The original company was founded in 1778 as a single store in London and grew to 178 locations across those countries, also owning the Danish department store chain Magasin du Nord. In its final years, its headquarters were within the premises of its flagship store in Oxford Street, London. The range of goods sold included clothing, household items, and furniture.
Toys "R" Us is an American toy, clothing, and baby product retailer owned by Tru Kids, Inc. and various others. It was founded in April 1948, with its headquarters located in Parsippany-Troy Hills, New Jersey, in the New York metropolitan area.
GameStop Corp. is an American video game, consumer electronics, and gaming merchandise retailer. The company is headquartered in Grapevine, Texas, and is the largest video game retailer worldwide. As of January 30, 2021, the company operated 4,816 stores including 3,192 in the United States, 253 in Canada, 417 in Australia and New Zealand and 954 in Europe under the GameStop, EB Games, EB Games Australia, Micromania-Zing, ThinkGeek and Zing Pop Culture brands. The company was founded in Dallas in 1984 as Babbage's, and took on its current name in 1999. The company's performance declined during the mid-late 2010s due to the shift of video game sales to online shopping and downloads and failed investments by GameStop in smartphone retail.
Arcadia Group Ltd was a British multinational retailing company headquartered in London, England. It was best known for being the previous parent company of British Home Stores (BHS), Burton, Dorothy Perkins, Debenhams, Evans, Miss Selfridge, Topman, Topshop, Wallis and Warehouse. At its peak, the group had more than 2,500 outlets in the UK, as well as concessions in UK department stores and several hundred franchises operated internationally.
J.Crew Group, Inc., is an American multi-brand, multi-channel, specialty retailer. The company offers an assortment of women's, men's, and children's apparel and accessories, including swimwear, outerwear, lounge-wear, bags, sweaters, denim, dresses, suiting, jewelry, and shoes.
Payless is an international discount footwear chain. Established in 1956 by cousins Louis and Shaol Pozez, Payless was a privately held company owned by Blum Capital, and Golden Gate Capital. In 1961, it became a public company as the Volume Shoe Corporation which merged with The May Department Stores Company in 1979. In the 1980s, Payless was widely known in the U.S. for its Pro Wings line of discount sneakers, which often had Velcro straps instead of laces. In 1996, Payless became an independent publicly held company. In 2004, Payless announced it would exit the Parade chain and would close 100 Payless Shoe outlets. On August 17, 2007, the company acquired the Stride Rite Corporation and changed its name to Collective Brands, Inc. The company had a total revenue for 2011 of US$ 3.4 billion. The company also has a stunt premium banner, Palessi Shoes. Payless is currently owned by a group of investors led by Alden Global Capital and Axar Capital Management.
Debenhams Ireland was a national chain of department stores in Ireland, that was owned ultimately by Debenhams plc. It was largely based on the former Roches Store chain, though after that business divested its grocery units.
A dead mall is a shopping mall with a high vacancy rate or a low consumer traffic level, or that is deteriorating in some manner.
Stage Stores was a department store company specializing in retailing off-price brand name apparel, accessories, cosmetics, footwear, and housewares throughout the United States. Stores were usually located in shopping malls and centers or in standalone locations. The corporate office was located in Houston, Texas.
Frasers Group plc is a British retail and intellectual property group, named after its ownership of the department store chain House of Fraser. The company is best known for trading predominantly under the Sports Direct brand which operates both physical outlets and online. Other retailers owned by the company include Jack Wills, GAME, Flannels, USC, Lillywhites and Evans Cycles. The company owns numerous intellectual property, including the brands Everlast, Lonsdale, Slazenger and No Fear. The group also expanded into operating fitness clubs, launching the Everlast Fitness Club chain in 2020.
Rego Center is a shopping mall bordered by the Long Island Expressway, Junction Boulevard, Queens Boulevard, 63rd Drive, and 99th Street in the Rego Park neighborhood of Queens in New York City.
The retail apocalypse is the closing of numerous brick-and-mortar retail stores, especially those of large chains worldwide, starting around 2010 and continuing onward. In 2019, retailers in the United States announced 9,302 store closings, a 59% jump from 2018, and the highest number since tracking the data began in 2012. Over 12,000 physical stores have closed due to factors including over-expansion of malls, rising rents, bankruptcies of leveraged buyouts, low quarterly profits outside holiday binge spending, delayed effects of the Great Recession, and changes in spending habits. American consumers have shifted their purchasing habits due to various factors, including experience-spending versus material goods and homes, casual fashion in relaxed dress codes, as well as the rise of e-commerce, mostly in the form of competition from juggernaut companies such as Amazon.com and Walmart. A 2017 Business Insider report dubbed this phenomenon the "Amazon effect," and calculated that Amazon.com was generating greater than 50% of the growth of retail sales.
Boohoo Group plc is a United Kingdom-based online fashion retailer, aimed at 16–30 year olds. The business was founded in 2006, and had sales in 2019 of £856.9m. It specialises in own brand fashion clothing, with over 36,000 products. Growing rapidly, the company has acquired the brands and online presence of several defunct high street retailers, and also seen controversy over working conditions at some of its suppliers.
Transform SR Brands LLC is an American privately held company formed on February 11, 2019, to acquire some of the assets of Sears Holdings Corporation. The new company is owned by Eddie Lampert's ESL Investments hedge fund of Greenwich, Connecticut. Following the Chapter 11 bankruptcy filing of Sears Holdings on October 15, 2018, Transformco purchased the surviving assets owned by Sears Holdings for $5.2 billion.
The COVID-19 pandemic affects the global food industry as governments close down restaurants and bars to slow the spread of the virus. Across the world, restaurants' daily traffic dropped precipitously compared to the same period in 2019. Closures of restaurants caused a ripple effect among related industries such as food production, liquor, wine, and beer production, food and beverage shipping, fishing, and farming.
The economic impact of the COVID-19 pandemic in the United States has been largely disruptive, adversely affecting travel, financial markets, employment, shipping, and other industries.
The economic impact of the global COVID-19 pandemic on the United Kingdom has been largely disruptive. It has adversely affected travel, financial markets, employment, a number of industries, and shipping.