From stay at home orders to less money being spent this pandemic has been hard on some businesses and good for others. James Crummel breaks it all down in this week’s Show Me the Money report.
Some online business is booming.
Target reporting online sales skyrocketed 141% last quarter as the big box chain took advantage of Americans shopping in bulk from their homes.
Amazon also doing better than others boasting a net sales increase by 26% in the first quarter over that same time period in 2019.
Walmart says their e-commerce sales grew 74% this year with strong results for grocery pickup and delivery services.
Home improvement stores like Home Depot and Lowes also reporting increased sales.
But the news isn’t so great for the airline industry.
Air travel fell 91% since March in the latest report by the Airlines for America organization.
Several major retail companies have filed for bankruptcy in the past couple of months. Including JCPenney, J Crew, and Neiman Marcus.
Other big names filing for bankruptcy clothing brand True Religion Apparel,
gourmet foods retailer Dean and Deluca and Gold’s Gym.
While filing for bankruptcy doesn’t necessarily mean the business will shut down it does mean each one has a long road ahead financially.
Of course, there are a countless number of small businesses also in jeopardy.
Economists project more than 100,000 have shut down permanently since the pandemic escalated in March.
Those that have been able to adapt to digital technology have been able to survive. Still a new report shows many small businesses are optimistic about reopening the economy.
74% expect to be back to business as usual within six months of restrictions being lifted.