Investors bet on this outcome for years. Covid-19 just sped it up by a few months. Department Stores Are Toast.
Years of brick-and-mortar meltdown get compressed into a few months. But ecommerce is booming.
Tenants’ collapsing one after the other without replacement has a pernicious impact on property prices.
Its unsecured bonds crashed 53% since Feb 14. It has been living off its real estate portfolio of “owned boxes” for years by selling them.
How the Virus Crisis Flipped UK Retail Sales Upside Down.
But department stores will never recover; they were toast before the lockdowns.
Sales at luxury goods stores, once the largest category, collapsed by 86% since their peak in 2013-2014.
Services account for 70% of the US economy. Here’s what’s happening to services and retail in economic powerhouse Texas.
Neither the Fed nor the Treasury can bail out brick-and-mortar retailers.
S&P made up for its tardiness by downgrading the CMBS in one fell swoop by 9 notches from AAA to BBB-, just one notch above junk.