global economy

More than 11000 U.S. retail stores close in 2020 From CoStar

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The following is the More than 11000 U.S. retail stores close in 2020 From CoStar recommended by recordtrend.com. And this article belongs to the classification: global economy .

Terry Lundgren, former Macy’s CEO, said on Monday that the impact of the new outbreak on the U.S. retail industry is far from over, and he expects the chaos in the retail industry to continue into next year, with more retail stores closing after the holiday shopping season.

So far this year, more than 11000 U.S. retail stores have closed, according to a report from real estate company costar.

“Retailers with today’s weak balance sheet will not ease in January,” Lundgren said. It’s going to be more difficult because when there’s a big drop in purchases after Christmas, there’s still spending. “

“The film is not over yet,” he said. I guess more stores will close in 2021. ” Lundgren served as Macy’s CEO from 2003 to 2017 and retired from the company’s board of directors in 2018.

Lundgren said it could be bad news for small independent retailers and large companies with poor economic conditions. However, he said businesses that still have physical stores after the outbreak will eventually benefit.

“They will actually have a chance to grow again. From the point of view of store closures, it’s good, it’s the bud of recovery, “Lundgren said, adding that he didn’t expect this period” to be more than six months. “

Although the popularity of the new crown and its economic consequences are the main reason for the closure this year, Lundgren believes that another reason for the number of stores closed is that there are too many physical stores in the United States.

“We have been a country with a surplus of stores for more than a decade,” he said. We have been trying to correct this problem slowly and gradually, but frankly, we have too many physical stores. We have to shrink physical stores, but the process has accelerated dramatically in the past year. “

Japan Working Machinery Industry Association: in August 2020, Japan’s machine tool orders were 67.8 billion yen, down 23.3% year on year. Princeton University: the United States needs to invest $2.5 trillion in the next 10 years Singapore’s domestic machinery industry will recover by 1.8 billion yen in 2020 8% year-on-year growth Federal Reserve: U.S. consumer lending growth doubled in September 2020 as economists expected Markit: data shows that the growth of business activities in the United States will remain stable in September 2020. International Labor Organization: the harm of the virus on the global employment market is becoming more and more serious. CBO: the debt scale of the United States will reach nearly twice of GDP in 2050. Korea customs office: exports of South Korea will increase by 3.6% in the first 20 days of September 2020 Export to China increased by 8.7% chief economist of the World Bank: global economic recovery may need to wait until 2025

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