Coronavirus Has Cratered Retail Traffic By 97 Percent

Retail traffic fell 97 percent last week from the previous year due to the coronavirus pandemic, causing former Saks CEO Steve Sadove to call this an “existential threat” to the brick-and-mortar sector.

Amid the torrent of bad economic news brought on by the coronavirus pandemic is the fact that retail foot traffic is down almost 98 percent from the same period last year, according to investment firm Cowen and Company:

In a research note sent to clients today, investment firm Cowen and Company estimated total foot traffic to US retailers was down 97.6% for the week through March 27 compared to the same time last year. It has come to a “near complete halt,” Cowen said, following the outbreak of the new coronavirus.

A sizable portion of the retail economy is closed ... (Read more)

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