1. ‘It’s Black Friday in April’ as closed stores get desperate to unload spring clothes: Despite the temptation of deals, homebound shoppers still aren’t spending on apparel and footwear. Online sales for the category have declined each week since March 9, including a 20% drop in the week ended April 6, compared with the same period a year earlier. – Read More on WSJ
2. Spending on clothes plummets 50%. Here’s what it means for fashion’s future. In the short term, analysts believe that consumer spending on fashion is going to decline even further, if lockdown orders continue. In the long run, Coresight Research expects 15,000 stores to close permanently as a result of this crisis, which could force some brands into bankruptcy. – Read More on Fast Co.
3. Mary Meeker’s coronavirus trends report: “Covid-19 has upended our modern lives in ways we’re just starting to understand.” Prior epic viruses have permanently changed the world, but coronavirus may prove less impactful because of our information-sharing and scientific technologies. – Read More on Axios
4. How Retailers Can Reach Consumers Who Aren’t Spending: Companies should immediately evaluate their customer journeys and re-imagine those that could be redesigned for a digital-first/digital-only world. This includes everything from expanding capacity of your offering or customer service to putting a pause on certain late fees/cancellation fees. – Read More on HBR
5. A tsunami of bankruptcies are about to wash away America’s retail sector: With rent, interest, and other expenses continuing to accrue and no idea on when stores will be allowed to reopen, retailers are coming to the conclusion they must get ready to file for bankruptcy to alleviate costs in the hopes of surviving. The avalanche of filings are likely to begin hitting in late May and early June. – Read More on Yahoo