Coronavirus/COVID-19 Furthers Retail Contraction.

Almost 55% of the US’ retail floor space — 4.8 billion square feet — has closed, according to GlobalData. The effect of the pandemic has been uneven, with apparel retailers and restaurants bearing the brunt of the financial impact and some needs-based retailers adding staff.

“It’s a tale of two markets right now,”

said Scott Holmes, senior vice president & national director of retail at Marcus & Millichap. “Going into this, the categories of retail that everybody wanted and that were doing really well, were the things that were seen as internet-resistant, like bars and restaurants, entertainment, fitness, even the so-called treasure hunt model of discount apparel.”

Ironically, those categories are now feeling the most pain in a locked-down America, Holmes said.

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