Dani Reiss, president and CEO of Canada GooseRick Madonik | Getty ImagesCanada Goose's CEO said Friday the retailer's recently opened experiential store in Canada is "almost built for this environment," as consumers brave enough to venture outside are looking for things to do during the coronavirus pandemic. "Naturally, it is socially distanced," Chief Executive Dani Reiss told CNBC in a phone interview Friday afternoon, about the store. "There are not a lot of people shopping at once. It is an experience in a controlled way." Canada Goose, famous for its extreme weather outerwear, opened the location in the CF Sherway Gardens Mall in Toronto late last year, before the Covid-19 crisis began. The entrance to Canada Goose's concept store is called "The Crevasse."
Even when the Great Recession dampened consumer confidence and drove up unemployment things weren't as bad for retailers as they have been during the current Covid-19 crisis, according to a new analysis from Retail Metrics.Days after the World Health Organization declared a pandemic in March, retailers across the U.S. were forced to shut their doors for many weeks to help stem the spread of the virus. The result: The retail sector's first-quarter operating income fell 57.7% compared with last year – and 71.1% when not including Walmart, which was allowed to keep operating to sell essential items like food, a new report said Friday. This marks the worst retail earnings performance since the group began tracking retail earnings in the
Business spending showed some signs of green shoots in June, as manufacturers bought more equipment and spending shifted away from stay-at-home sectors to ones that could rebound in a reopening economy, according to Cortera, a software company which analyzes business-to-business credit transactions.But overall June spending was still depressed, down 10.9% from the same month last year, and up just 2.7 percentage points from the 13.6% decline in May year over year, according to the company.Cortera said spending by industries that benefit from the work-from-home trend, like internet retailers and food and beverage stores, fell by 6 percentage points in June from May, but is still 1.7% above 2019 levels. Gasoline stations and food and beverage establishments and other sectors
A shopper walks with bags of purchases. Pedestrian and vehicular traffic have noticeably increased as businesses mark the next phase of reopening the economy today in New York City.John Lamparski | SOPA Images | Getty ImagesBlack American consumers are hoping to make the financial and economic community pay attention Tuesday by using the power of purchase — or as the case may be, non-purchase.Blackout Day is a movement that urges Black consumers, and others, not to spend even a dollar at a non-Black-owned business or brand on Tuesday. The campaign was started by activist Calvin Martyr to use the power of the purse in order to draw attention to the need for equal financial and economic opportunity for Black
Lorenzo Boyd, an assistant professor, director of the Center for Advanced Policing and vice president for diversity and inclusion at University of New Haven.Source: Lorenzo BoydLorenzo Boyd was in the market for a new car and wanted to buy a luxury SUV. He went to a Lexus dealership and walked through the lot, expecting the unoccupied salesperson to run over. But that didn't happen.After asking for help, the salesperson was slow to approach Lorenzo and when he did, he steered him to a cheaper model."I remember the guy told me, 'Are you sure you want this one? This one's a little pricey," Boyd recalled.Boyd, a 50-year-old criminal justice professor and vice president for diversity and inclusion at the University