A wave of brands, including, H&M and Victoria's Secret have announced in recent days that they will shut stores temporarily as the coronavirus outbreak spreads. Others, such asandare reducing store hours, but industry analysts expect they may soon follow their rivals as the coronavirus ripples across the country. Now, the industry is contending with the coronavirus and a likely recession that will sap consumer confidence. Foot traffic to US retail stores decreased 30.7% for the week ending on Friday compared with last year, according to the most recent data from Cowen. Deborah Weinswig, chief executive of retail research firm Coresight Research, expects to see more than 15,000 stores go out of business this year.

Source: CNN March 18, 2020 13:07 UTC