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11/30/2020 Retail apocalypse will spread after gloomy holiday season: strategist

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CSCO 42.67 -0.03 -0.06% Cisco Systems, Inc. Brian Sozzi · Editor-at-Large Mon, November 30, 2020, 12:51 PM EST UDOW 92.88 -3.14 -3.27% ProShares UltraPro Dow30

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Investors should be prepared for more sweeping SDOW 14.22 +0.44 +3.22% ProShares UltraPro Short Dow30 store closure announcements — known JPM 118.77 -2.45 -2.02% aﬀectionately in retail analytical circles as the JPMorgan Chase & Co.

“retail apocalypse” — after what is shaping up to GS 231.00 -4.40 -1.87% The Goldman Sachs Group, Inc. be a lackluster holiday shopping season thanks to LLY 146.13 -1.31 -0.89% the COVID-19 pandemic. Eli Lilly and Company YM=F 29,542.00 -332.00 -1.11% “There are 110,000 stores in America. In total, we Mini Dow Jones Indus.-$5 Dec 20 INTC 48.01 +0.56 +1.18% think there is going to be at least 25,000 of those Intel Corporation

110,000 stores closed from now through the time AAPL 119.00 +2.41 +2.07% Apple Inc. Finance Home 20C2O0 VElIeDct-io19n endsWa tacnhldis tws e geMty tPoo rtthfoeli ootheSrc rseiednee ros f it,”Premium Markets News Premium - Try it free https://ﬁnance.yahoo.com/news/retail-apocalypse-will-spread-after-gloomy-holiday-season-strategist-175142658.html 1/7 11/30/2020 Retail apocalypse will spread after gloomy holiday season: strategist veteran retail executive and JRK Worldwide Symbol Last Price Change % Change AMT 229.89 -4.20 -1.79% Enterprise founder Jan Rogers Kniﬀen told Yahoo American Tower Corporation (REIT) Finance Live. “So in the malls, we could see of 1,100 enclosed malls in America, we could see half of those go dark or be changed dramatically in nature.”

The retail sector was well underway before the holidays to reaching some of Kniﬀen’s dire projections.

So far in 2020, more than 8,000 retail stores have closed according to data from Coresight Research. Some of the headline-grabbing closures have come from the likes of Macy’s (struggling financially), Lord & Taylor (now bankrupt) and Gap (struggling financially). Much of the retail sector has buckled under the weight Cyber Monday set to be biggest online of COVID-19 mandated store closures in the shopping day in U.S. history spring, and then tepid foot traffic since the Reuters summer amid re-openings.

And the trends at many retailers have hardly improved in the early start to the crucial holiday shopping season, setting the stage for a fresh wave of closures in early 2021 as retailers look to cut costs after weak fourth quarter sales and an Cameras Captured These Shoppers Dressed Like That ... uncertain return to normal post pandemic. history-a2z.com Ad

Shopper visits to retail stores on Black Friday crashed 52.1% year over year, per data from Sensormatic Solutions. Traﬃc fell 45.2% last week from a year ago as consumers avoided crowds during the pandemic and spent

cautiously with unemployment rates back on the Dictionary.com picks 'pandemic' as its 2020 word of the year rise. Associated Press

Yahoo Finance @YahooFinance .@briansozzi reports on Black Friday shopping: “Crowds are just not here. Youʼre watching, really, the impact of the pandemic very much in real-time.” Finance Home 2020fi Enleacnticone.yahWoaotc.hcliostms My Portfolio Screeners Premium Markets News Premium - Try it free After controversial Christmas comments, Melania Trump unveils White House holiday https://ﬁnance.yahoo.com/news/retail-apocalypse-will-spread-after-gloomy-holiday-season-strategist-175142658.html 2/7 11/30/2020 Retail apocalypse will spread after gloomy holiday season: strategist decor USA TODAY Entertainment

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Meanwhile, online sales on Black Friday rose 21.6% year over year to a new record of $9 billion, according to data crunched by Adobe Analytics. But, the sales result fell far short of Adobe’s high- end estimate of $9.6 billion. Online sales on Thanksgiving Day clocked in at $5.1 billion, up OPEC begins meeting to mull extension of 21.5% from a year ago, but short of Adobe’s $6 production cuts billion forecast. AFP

“During our channel checks in New York City and Riverhead, NY, Paramus, NJ, Westport, CT, Washington, D.C., and Jacksonville, FL areas, we observed a much slower in-store start to holiday shopping than in prior years. In fact, Black Friday, in our view, looked like traﬃc on a typical Drone Captures Photos We're Not Supposed To See ... Saturday for most of the day until picking up dailychoices.com Ad early afternoon,” remarked Deutsche Bank retail analyst Paul Trussell.

Already retailers are preparing investors for more post-holiday store closures.

Abercrombie & Fitch said last week it would close several large ﬂagship stores to save millions in expenses. Gap outlined at an investor day in October a plan to close hundreds of more Gap and Banana Republic locations by 2023.

Said Kniﬀen, “We could see a whole of stores close. That’s not going to be surprising because it has been going on since before COVID-19.”

Finance Home 2020 Election Watchlists My Portfolio Screeners Premium Markets News Premium - Try it free https://ﬁnance.yahoo.com/news/retail-apocalypse-will-spread-after-gloomy-holiday-season-strategist-175142658.html 3/7 11/30/2020 Retail apocalypse will spread after gloomy holiday season: strategist Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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