US retail trembles, and the country risks 47 million cuts

US retail trembles, and the country risks 47 million cuts

The health emergency forces global retail to stop, leading to staff cuts or dismissals. The situation in the United States is particularly complicated. Department stores are already dealing with huge debts and with the ruthless competition of e-commerce. According to Fed data, the Covid-19 emergency could result in 47 million people losing their jobs by June, with an unemployment rate rising to 32.1%, compared to 24.9% in the Great Depression . The National Retail Federation estimates loss of revenue for the retail sector at $ 430 billion over the next three months. Among the brands that have already announced measures, Macy’s has put most of its 130,000 employees on leave without pay, while those who may even opt for the layoffs are Rent the Runway, the portal for rented fashion and others.
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