By Andrew Asch | May 28, 2020
After weeks of being required to shut down operations because of the COVID-19 pandemic, boutiques and independent shops were given the green light on May 27 by Los Angeles Mayor Eric Garcetti to reopen.
Pol’ Atteu Beverly Hills was one of the scores of boutiques that were looted in Beverly Hills, Calif.’s luxury Golden Triangle retail district last week.
Shopkeepers cleaned up vandalized stores May 31 after a weekend of rioting and looting on high-end retail streets in downtown Los Angeles, the city’s Fairfax District, Hollywood neighborhood and Rodeo Drive in Beverly Hills, Calif.
Following the May 25 death of George Floyd, an unarmed black man who died while in police custody in Minneapolis, protests have sprung up across the country in major cities including New York, Chicago and Los Angeles. During the night of May 29 and early morning of May 30, businesses in downtown Los Angeles were looted as violence followed protests in several major American cities.
Purchasing summer clothing is creating some bright spots in the economic gloom caused by the COVID-19 pandemic, according to data released by The NPD Group on May 28.
Inside the Industry
After more than six weeks of being required to shut down operations because of the COVID-19 pandemic, boutiques and independent shops were given the green light to reopen on May 27, announced Los Angeles Mayor Eric Garcetti.
Retail sales in the United States for April dropped 16.4 percent compared to March. April sales declined 21.6 percent in a year-over-year comparison, according to numbers released by the U.S. Census Bureau.
Inside the Industry
The COVID-19 crisis is forecasted to make major changes in the retail business, and, when the dust from the crisis settles, some of the entrepreneurs best positioned to start over and make a connection with consumers will be independent retailers, according to a handful of industry watchers.
The COVID-19 crisis has pushed prominent apparel-industry names such as Neiman Marcus and J. Crew Group, Inc. into bankruptcy and, recently, another big brand fell victim to the crush of the coronavirus. The John Varvatos menswear brand filed for voluntary Chapter 11 bankruptcy in U.S. Bankruptcy Court in District of Delaware.
As the COVID-19 pandemic drags on, more prominent retailers continue to be hit by the pandemic’s economic freeze. As the COVID-19 pandemic drags on, more prominent retailers continue to be hit by the pandemic’s economic freeze.
Retailers are navigating between seemingly conflicting messages from California Gov. Gavin Newsom and Los Angeles Mayor Eric Garcetti on when they can reopen.
Fashion brands and retailers have closed stores, furloughed staff and made SOS calls during the past six weeks, due to the COVID-19 pandemic. On May 4, J. Crew Group, Inc. became the first United States-based retailer to file for a Chapter 11 bankruptcy due to the effects of the coronavirus on retailers.
After 14 years of growing its e-commerce platform to include more than 1 million businesses, Shopify is expanding to include a consumer-facing component.