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Coresight Research Says, “Retail Store Closures in 2020 is to see Doubling Over Last Year”

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In recent webinars organized by Planalytics, John Harmon, a senior analyst at Coresight Research, has revealed that this year around twice the number of retail stores close, as the coronavirus pandemic is still affecting consumer conduct, which is around 25,000.

Harmon expected a U-shaped recovery as retailers navigate government-dictated staged reopening across the country but business is not expected to immediately return to post-pandemic levels. Harmon said in the last five weeks, around two-thirds of consumers were buying online than they had previously. But they were mainly buying food and sanitation products, home office supplies and fitness equipment.

Harmon predicted that the demand will shift dramatically after the lockdown, because only 18.6% of consumers should buy clothing , footwear or accessories. Evan Gold, executive vice president of the Planalytics global partnerships, predicted that buyers would be more weather-controlled than ever before.

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