15,000 retail shops may not return after COVID-19

The effect of COVID-19 on small business is devastating, according to retail advisory and research firm Coresight Research, there could be as high as 15,000 retail shops shutting down and not coming back to business after COVID-19 in the USA.

She said ““I think we will see an increase in the number of Chapter 7 [bankruptcy filings],” she added. “Nobody knows how to deal with this.”

Some other global brands have taken the decision to shut down their shops, this includes Nike, Gap, Apple and Walmart.

When the stores come back to business if they do come back, what they will do is to turn to the digital space to quickly acquire customers and increase sales.

Source: CNBC

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