A Death Knell for Department Stores

Reports of the "retail apocalypse" have been circulating for years, blamed on both the effects of online shopping and private equity. The fate of department stores, already shuttered in high-profile locations all over the country, have been particularly telling. Now a new culprit risks the fiscal health of department stores: the novel coronavirus. 

Sapna Maheshwari and Vanessa Friedman report for The New York Times on the dire straits facing department stores in 2020:

But nothing compares to the shock the weakened industry has taken from the coronavirus pandemic. The sales of clothing and accessories fell by more than half in March, a trend that is expected to only get worse in April. The entire executive team at Lord & Taylor was let go this month. Nordstrom has canceled orders and put off paying its vendors. The Neiman Marcus Group, the most glittering of the American department store chains, is expected to declare bankruptcy in the coming days, the first major retailer felled during the current crisis.

Industry observers expect that department stores, and the retail landscape, will never be the same.