Department stores are in trouble and the coronavirus pandemic is pulling the curtain on vulnerabilities for shopping malls, the 'Mad Money' host said.
"[T]hat might be it, aside from the off-price stores that can buy all the excess inventory created by this retail crash," he said.have been investing heavily in a direct-to-consumer business approach to build a pipeline to consumers without having to deal with a middle man. The business strategy has become particularly important due to online shopping trends that are even further propelled by the millions of people who are stuck inside adhering to social distancing recommendations.
Countless retailers were forced to close their stores, along with restaurants, nail salons and other businesses, more than a month ago as officials sought to slow the spread of Covid-19, the disease caused by the coronavirus. The shutdowns and stay-at-home mandates are having a drastic impact on the U.S. and global economies. In the past month about 22 million unemployment claims have been filed across the country.
Out of the 2.6 million recorded Covid-19 cases worldwide, nearly 840,000 people in the U.S. have tested positive as of Wednesday afternoon, according to data compiled by Johns Hopkins University.
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