The retail apocalypse has been affecting retailers for the last several years. And now, in the midst of the Coronavirus outbreak, it's certain to accelerate. Neiman Marcus ($PRIVE_NEIMANMARCUS) is currently considering bankruptcy as COVID-19 causes more store closures.
Even DTC brands like Warby Parker ($PRIV_WARBYPARKER) are slashing job postings, down 57% since earlier this month. Today, Macy’s ($NYSE:M) reported that it will be furloughing 130,000 employees as stores remain closed, perhaps into early May in many areas.
Gap ($NYSE:GPS) and Nordstorm ($NYSE:JWN) have followed suit. Gap’s job openings have fallen from 4,910 all the way down to 882, an 82% decrease. Macy’s listings are down 55%. Nordstrom’s have plummeted 98%.
If sales slow and these companies continue to downsize, this pandemic could be their death knell.
About the Data:
Thinknum tracks companies using the information they post online - jobs, social and web traffic, product sales and app ratings - and creates data sets that measure factors like hiring, revenue and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.