Grocery sales in the U.S. jumped 26 percent in March as Americans scrambled to stock up on supplies as the coronavirus pandemic spread across the country. The remarkable jump in sales was matched almost exactly by the 27 percent decline in revenues in restaurants and bars for the same month. Even automobile sales produced similarly disastrous results – 25 percent down. Shelter-in-place orders by multiples states have resulted in an unmitigated economic disaster, with retail sales plunging at the same time as a sharp increase in layoffs. The damage appears at first glance to be far worse than anything experienced during the Great Recession from 2008. It’s estimated that as much as 60 percent of all retail floor space in the United States has been shut down, impacting the nation’s most powerful stores and brands such as Macy’s, Norstdrom, J.C. Penny and Nike. Store staff are being fired or furloughed while executives are enduring pay cuts in order to preserve cash. Numerous department stores are having to decide whether they can afford to order fall collections.
