The U.S. department store sector was in a downward spiral even before the COVID-19 pandemic hit as it faced declining foot traffic and falling sales.
Now the health crisis and its mandated shutdowns and social distancing—not to mention a deep looming recession—may put the final nail in the coffin for some department store retailers.
While some non-essential retailers are beginning to reopen in states easing their stay-at-home orders, experts say the pandemic will accelerate the decline of many department stores and the malls where they’re located.. . . more