Can retail survive coronavirus?
International Council of Shopping Centers CEO and President Tom McGee says the federal government needs to provide monetary aid to the retail industry and discusses why he is worried about the future of the sector as a whole.
Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.
Continue Reading Below
Furniture brand IKEA’s main retail vehicle said on Friday shoppers were returning quickly to its shopping centers after it reopened three in China last week, and one in Germany this week — its first four to open after closures due to the coronavirus.
Ingka Group, which besides most IKEA stores also owns 45 shopping centers in Europe, Russia and China, said visitor numbers were back to 70-80% of year-ago levels in the center in China, indicating shopper confidence was recovering rapidly.
IKEA DONATES $1.6M IN CORONAVIRUS SUPPLIES, 30,000 N-95 MASKS
In the center in Germany, footfall was at 63% with 40 of 57 tenants open for business.
Ingka said in a statement it had taken various measures to support tenants during closures.
“In addition to waiving rent and service fee charges for all tenants, Ingka Centres has invested in measures to drive e-commerce traffic to their sites, and to help retailers work together to share home-delivery and click-and-collect services,” it said in a statement.
CLICK HERE TO GET FOX BUSINESS ON THE GO
Ingka said it planned to open more centers in the coming days. It has 35 centers that are currently temporarily closed.
A majority of IKEA stores are or have been temporarily closed in recent months. A few stores in Germany and Israel, as well as the one in Wuhan, the city in China where the coronavirus was first discovered, reopened this week. Other stores in China reopened last month and Ingka has said business is back to normal in those.
CLICK HERE TO READ MORE ON FOX BUSINESS
Source: Read Full Article