Retailers Nationwide Impacted By COVID-19 (BBJ Story)
A national report out Tuesday predicts that a record of up to 25,000 retailers could close this year across the U.S. as Covid-19 continues to rattle the market. The grim prediction by Coresight Research showed a coming tidal wave of retail failures compared to last year when 9,821 retailers went under.
Much of the hit is expected in malls where about 60% of the closings will be centered, Coresight officials said. Chains like Pier 1, Tuesday Morning and J. C. Penney recently announced they were filing for bankruptcy and closing stores, which "spells bad news for malls." Thousands of retail workers in Maryland have been laid off or furloughed since mid-March and non-essential Baltimore stores remain closed under an order by Mayor Bernard C. "Jack" Young, although curbside pickup is legal. That's a departure from other nearby jurisdictions, which have allowed retailers to reopen as part of stage two of Gov. Larry Hogan's reopening plan. Some retailers have flaunted that in order to survive, while others like Ma Petite Shoe in Hampden have announced they were closing for good.