A World of Hurt: The Impact of COVID-19 On Retail

According to a recent Department of Commerce report, retail sales slumped by 8.7 percent in March, as states issued stay-at-home orders and stores closed throughout the nation.  Mark Cohen, the director of retail studies, explains on the latest episode of Bizcast that the retail sector should be prepared for even more dismal numbers in the coming months. “There’s an enormous amount of business being done on food and supplies, but for the most part retail is shut down,” he says.  Cohen provides his view on the changes coming to large retailers, many of whom have already seen declining sales and store closures before the pandemic hit. He also discusses the role of government bailouts for the industry and speculates about when stores will be able to open their doors.  You can read more of Cohen’s insights on the impact of COVID-19 on retailers here. (https://www8.gsb.columbia.edu/articles/ideas-work/will-retail-bounce-back-pandemic) Is there anything you would like to tell us about your experience listening to Bizcast? Please fill out our audience survey at: bit.ly/BizcastSurvey