U.S. retail sales tumbled by a record 16.4 percent from March to April as business shutdowns caused by the coronavirus kept shoppers away, threatened the viability of stores across the country and further weighed down a sinking economy.
Retail properties’ rents are expected to fall by double digits in the Hartford, New Haven and Fairfield County markets this year amid a rise in vacancies tied to the COVID-19 pandemic, according to a new research report.
The owner of J.Crew is filing for bankruptcy protection, the first major retailer to do so since the pandemic forced the closing of most stores in the United States.
Charlotte Russe is the latest brand to announce a series of closures as the chain stores continue to feel the strain in the changing industry.
