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US retail sales plunged 8.7% in March, deepest drop on record

by globalpro | Apr 18, 2020 | Business | 0 comments

New York (CNN Business)Americans aren’t purchasing much beyond food today, which’s terrible substantial swaths of the retail market.

Excluding vehicles and gas, retail sales fell by 3.1%.

While retail trade fell in general, one classification stood apart: supermarket sales rose 26.7% in March. And sales at non-store merchants, a classification that would consist of e-commerce websites like Amazon ( AMZN ), increased 3.1%.

The coronavirus crisis will broaden the space in between huge box chains like Walmart ( WMT ) and Costco ( COST ), which are taking advantage of panic searching for groceries, and having a hard time clothes chains, specialists forecast.

“Traditional outlet store, clothing sellers, and mommy and pop stores of all types are having a hard time to make it through, and personal bankruptcies will surge regardless of the federal support programs,” stated Kerstin Braun, president of Stenn Group, a global trade financing company. “Many merchants, consisting of Nordstrom ( JWN ), J. Crew, and JCPenney ( JCP ), were currently under tension prior to the numerous and pandemic shops will just not resume.”

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