March 24, 2020
Photo by istock.com
As retail clothing stores continue to temporarily close in light of COVID-19, the coronavirus pandemic, the retail fashion and clothing industry is pressing the federal government to help keep retailers in business once the pandemic has eased.
Top leaders from retail brands and department chains are calling legislators asking for a stimulus package, similar to ones that bailed out the airlines and auto industry in the past, according to a New York Times report.
The news comes as business organizations and groups are scrambling to get whatever resources and support to keep their industries afloat during what’s fast becoming a very likely recession-depression situation. More than a dozen top retailers have already closed store locations and are relying purely on e-commerce revenue during the pandemic, as Retail Customer Experience has reported. (Please check here for more news and insight on how COVID-19 is impacting the retail industry.)
“There will be tens of millions of job losses in the industry,” Sonia Syngal, Gap Inc. CEO, told the Times. “People don’t understand how deeply fashion — which is often seen as nonessential — is connected to the U.S. economy.”
Topics: Coronavirus / COVID-19, Retail – Apparel, Retail – General
Companies: Gap