“It doesn’t put people back on planes or back
in the malls,” S&P’s Lemos-Stein said.
“I haven’t talked to a CEO yet who thinks
the government is going to be their savior,”
said Rich Lesser, CEO of the Boston
Consulting Group.
Even while the health crisis has crushed
purchases for most goods and services, it’s
ignited consumers’ appetite for other offerings.
Netflix is capitalizing on a burst of demand
for streaming entertainment. Amazon’s stock
is up on a surge in online shopping. Clorox
is benefiting from panic buying for cleaning
supplies. Zoom and other video conference
services have filled a rising need of employees
working from home.
The data firm Womply found that grocery
stores enjoyed a 40% increase in revenue
earlier this month from a year ago. Also
seeing surges: Gun shops (120%) and liquor
stores (60%).
Still, millions of businesses have at least
temporarily closed, Womply found: 71% of
shoe stores, 77% of thrift shops and 68%
of antique dealers. Forty-two percent of
restaurants have shuttered. Those that have
a brisk takeout or delivery service have been
likelier to remain open: Only 21% of pizza
shops and 17% of chicken wings purveyors
have stopped doing business.
“Businesses are reorganizing around curbside
(pickup) and takeout,” said Brad Plothow.
Womply’s marketing chief.
With widespread shutdowns of malls and
stores, the pandemic is putting many clothing