Abc7 news anchor liz kreutz is live now to give us the big picture perspective of what this means. Liz . Hi, kristen. Weve been talking a lot about our local businesses and how theyre doing, but these numbers out today give a really big picture look at the overall toll retail is taking right now because of this pandemic. We spoke to the president of mountain hardwear based in richmond to get his take on what all of this means moving forward. Weve all seen it, the crazy online discounts. 80 off ann taylor, 60 off j crew, macys. While it might sound nice, something detrimental is happening to the retail business. But just how bad it is . What is the state of the Retail Industry right now . Its at a stand still. The president of richmondbased mountain happ hardwear. Despite Curbside Pickup beginning this week in the bay area, even at places like rei which sales their products, he says he is not holding his breath. I dont see that changing anything significantly. I dont think consumers eve
County alameda, San Francisco and Santa Clara Clara county. All reported new deaths today and Santa Clara County continues to lead the bay area with more than 2200 covid19 cases here is what it looked like a San Franciscos marina green today while some people did wear masks and did stay 6 feet apart. Others did not well people are not required to wear a mask while they walk or they bicycle for example, it is recommended and people are required to self distance from anybody who does not live in their own household, fewer people were out in Pleasant Hill today, many of those we saw were Wearing Masks and manage to keep their distance from one another here in the bay area beaches are still open. Although Officials Say a hard closures still on the table. If they see large crowds gathering this was the scene in pacifica this morning. Last weekend officers say they ordered more than 700 people to leave the beach because they say they those people did not live within 5 miles of the beach. Som
How did the market worry when there is so much despair over the coronavirus. There is a seething anger sweeping this country and it is directed point blank at wall street this relentless rally seems unfair, it seems senseless and heartless. Thousands of people are dying. And Money Managers are cheering the most enthusiastic stock comeback in living memorial. Do you gaining another 559 points and s p climbs and nasdaq pulling almost 9 . How the heck is that even possible well why dont we start with peoples exhibit a against both me and the market here is a picture from last week when the wild rally had been cemented in the history books. The dows best week since 1938 then my head then breaking news more than 16 million americans have lost jobs in three weeks. 16 million full disclosure, i didnt order this curious juxtaposition to show you how i am. Most of you own stocks are not short sellers. Believe me there is no joy in stock film right now and i agree it is messed up. But the contra
Twitter. Smith obtained a Search Warrant for trumps account for evidence of criminal offenses. These fancy people used to say, well, a recession is inevitable. Ironically the Vice President is set to hold a Grassroots Reception on Marthas Vineyard. And that is called bidenomics. Forget flying first class, how about a trip to the universe. Virgin galactic is flying paying customers to space and theyre taking off this morning here on fox friends. President biden wrapping up threepoint utah today. Brian this after dodging questions from peter doocy about alleged ties to hunters business dealings. Ainsley look at that come to you, mr. President. Steve peter, i believe you are in new mexico, the president left new mexico and has continued his west coast trip. Tell us a little bit about that opportunity to pose the first question about devon archers testimony last week. Peter so lets talk about the opportunity to do it then. Lets go back to that video this is disclaimer for anybody watching
Do you feel like youve got the visibility and transparency and tools to address it. It makes me nervous because this has echoes of 20082009 when vacancy rates were declined rapidly. How do you feel . Does that risk continue to be manageable . Chr. Powell i would say yes to that. I think it is manageable and weve been working hard for some time now really and what it really is is its a lot of downtown real estate where theres too much officesupply because of work from home and also the Downtown Retail that is no longer as profitable. Things like that are at the heart of it. So what we have done is weve looked at banks that have significant concentrations and weve been in touch with them to make sure they have a plan to deal with that. There will be losses by some banks. Its really medium and small sized banks that have these higher concentrations. Its good to be this problem we work through for several years and the idea is you have to have enough capital and liquidity and a plan to tak