But also oil producers, mall landlords, and gyms across the country. He said the supply chain network for the retail industry will disrupted over the next few months or even more. Other struggling US chains with stores in Canada include Ascena (which operates Ann Taylor and LOFT stores here), L Brands (including Victoria’s Secret), GNC, Gamestop (which operates EB Games in Canada), and others. Many Canadian cities have mandated by law that ground floor space on some streets be for commercial uses. Other News: Fitness company petitions to open things up, company launches store mapping program. Now located in Toronto, Craig is a retail analyst and consultant at the Retail Council of Canada. “The most at-risk retailers are going to be independents and certainly we’re already seeing it in bars and restaurants. For the 12 months ending February 1, 2020, Aldo lost $74.8 … Retailers will need to monitor shifting competition and consumer needs. Log in; The Most Tragic Restaurant Bankruptcies Of 2020. Financially, overall declines will sweep through the sector. Not just for needed items put off, but perhaps a need for some feel-good retail therapy; There will be a big opportunity for retail leaders to build or rebuild systems to proactively identify and mitigate risks; We might develop a portfolio approach to global sourcing, as opposed to the historic linear approach based on economies and efficiencies. On one end of the spectrum, bankruptcies slowed for both individuals and some commercial businesses because they received needed government aid. Follow. And the Canada Child Benefit pays out up to $6,000 a year per child to Canadian families, but it too depends on tax filings. ); Fast-food, restaurants, and bars are becoming very quiet, particularly adjacent to tourist districts. Big companies are going bankrupt at a record pace, but that’s only part of the carnage. Malls that have opened already, including the Dallas Galleria in Texas, have remained quiet despite having attempted to gain consumer confidence. He said that he sees three phases: the current “Triage” phase (crisis management and reactive); an “Assessment” phase once we see the social restrictions end and stores re-open, where retailers take stock and reassess their own health and opportunities; and a longer term “Adapting” phase, where a return to strategy and business planning is based on a new ‘normal’. Not only because we are not dining out, but people are working at home and kids are at home beyond March break,” said Gray in the interview. “When we hit the summer, we’re probably going to see in some product categories with some stock challenges because China was shut down for a few weeks which was really the factories. Companies under creditor protection. There may be signs of retail-therapy and consumer hedonism, but general exhaustion, lost jobs and household income, and concerns for savings that have been decimated by the stock markets, will put a long shadow over a consumer bounce-back,” added Gray. Jacqui Cohen, who owns four of the five stores outright, may look to redevelop the sites into new uses. “What I find ironic is that for a long time there’s this repeated phrase ‘retail apocalypse’ and it really wasn’t happening that way,” Gray said. In services. The COVID-19 pandemic affects the global food industry as governments close down restaurants and bars to slow the spread of the virus. Yet Montreal-based thought leader Carl Boutet convinced us that cash will be so precious that there will be higher order priorities for buybacks, leaving companies exposed for takeovers. And retail shares will be caught in the crashing stock markets. Many other retailers in Canada are struggling at this time, including major chains. 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