1. Neiman Marcus and J. Crew are among the famous stores that may not survive because of coronavirus: Neiman Marcus and J. Crew are burdened by crushing debt loads. They’re also at risk from declining market share, too many stores, limited online sales and a focus on selling discretionary items, analysts say. – Read More on CNN
2. Gen Z consumers are making companies bend to their will: Appealing to teens these days is as important as ever for businesses. Gen Z makes up 40% of global consumers today, with about $150 billion in spending power in the US alone, according to McKinsey & Company. But online culture has upended the traditional relationship between influencers and influencees. – Read More on Quartz
3. Coronavirus could spell doom for fashion brands as demand and money dry up: Fashion brands rely on sales in department stores to pay their bills. Demand for new product has disappeared, as major retail chains shuttered their stores amid the coronavirus pandemic. – Read More on CNBC
4. Millions of jobs are at risk as fashion and luxury sales fall off a cliff: Luxury good makers and retailers are expected to be amongst those hit the hardest: Sales will decrease as much as 40 percent. Shoppers are expected to gravitate even more toward discounts and low-priced retailers. – Read More on CNN
5. Social distancing is a luxury not everyone can afford:Social distancing is widely credited with slowing the spread of COVID-19. But not everyone has the luxury of working remotely; many people in blue-collar or service jobs still have to go to work outside of the home. – Read More on Fast Co.