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The holidays could make or break struggling stores
by Anne D Innocenzio, The Associated Press
Posted Dec 21, 2020 2:57 pm EDT
Last Updated Dec 21, 2020 at 2:58 pm EDT
NEW YORK Clothing stores and specialty retailers are offering big discounts and heavily promoting curbside pickup in hopes of rescuing a lacklustre holiday shopping season in which surging coronavirus cases have kept many shoppers at home.
For some, it could be their last chance at survival. And even a last-minute sales boost could be too late to save them.
The holiday season, which accounts for about 20% of the retail industry’s annual sales, has always been make-or-break for struggling stores. But it’s even more important this year as they look to make up for sales lost since the pandemic forced them to temporarily close locations.
Holiday shopping is the last chance for many struggling stores
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E-commerce purchases jumped 29% in November, compared with the same period a year ago, according to data from the U.S. Census Bureau. It was the seventh-consecutive month of growth that exceeded 20%, and represents the biggest monthly increase for e-commerce since at least 2010, Retail Metrics analyst Ken Perkins said. Shopify Inc. gained as much as 8.4% and EBay Inc. rallied 5.4%. Etsy Inc. and Amazon.com Inc. rose at least 2%.
E-commerce continues to “dominate the retail landscape,” Perkins wrote in a research report. The Centers for Disease Control and Prevention’s recommendation to avoid enclosed shopping areas, and the record number of Covid-19 and related deaths have “pushed consumers to contactless transactions in record amounts,” he said.
-0.33% haven’t had to make big changes because they’ve already transformed their stores into shipping hubs for online orders. That makes them less dependent on major carriers’ national networks.
“Everyone knows there is going to be a problem 10 days from now, but we just don’t know how big it’s going to be,” said Rob Hahn, chief operating officer at Whitebox, a fulfillment service for retailers. “So everyone is being conservative, and everyone is trying to pull forward that purchase behavior.”
The earlier deadlines could drive more last-minute shoppers into physical stores at a time when coronavirus cases are spiking. The U.S. Centers for Disease Control and Prevention says holiday shopping in crowded stores is a “higher risk” activity.
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