Closed for business! That is the sign on the doors of non-essential retailers in 45 states, with “non-essential” being defined as stores that trade in discretionary (clothing, home furnishings, electronics, beauty) as opposed to life-preserving products (food, pharmacies, cleaning supplies). Closures are expected to extend through April 30, but given the unpredictable nature of the coronavirus pandemic, local closures could be mandated longer.
Adding up the major national non-essential retailers impacted, Neil Saunders of GlobalData Retail estimates more than 190,000 stores have been closed, accounting for nearly 50% of U.S. retail square footage. That effectively closes down the nation’s roughly 1,200 malls and most stores in strip shopping centers and on America’s Main Streets.