As virus-wary shoppers opt for online purchases, retailers pay the price

LOS ANGELES - Online sales may be a saving grace for pandemic-battered retailers with fewer shoppers in their stores. But many retailers, from department store chain Macy’s Inc to essential retailer Target Corp, are grappling with higher expenses related to e-commerce.

Margins for the hardest-hit nonessential retailers - including mall-based clothing chains – on average are this year likely to be about half what they were in 2019, according to credit ratings agency S&P Global. The shift to e-commerce probably erased a couple of percentage points from company margins, Sarah Wyeth, senior director for retail and restaurants said.

Macy’s CEO Jeff Gennette said the chain was seeing “a noticeably worse trend in brick-and-mortar” stores in Texas, Florida and Arizona, where infections are setting new records. Target stayed open throughout the early stages of the pandemic, but its gross margin fell 450 basis points in the first quarter, when digital sales surged 141%. The retailer blamed the deterioration on apparel write-downs, a shift to lower profit sales of food and essential items, and rising digital fulfillment and supply chain costs.“Our first quarter digital volumes weren’t anticipated for another three years ...

This is a unique opportunity for society to re-evaluate potential of artificial intelligence to improve human outcomes (versus replace), by using technology to support interactions needed between people in the procurement of goods and services.

😡😡😡

Commercial real estate is dead

Duh

pretty screwed if you have a store deep in a mall ...

And theyll pay a heavier price as no one wants to wear a mask in them either. SoLongHighStreet

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