Amazon, Walmart, Target and others will survive coronavirus: Former Toys R Us CEO
Former Toys ‘R’ Us CEO Gerald Storch and The Cow Guy Group founder Scott Shellady discuss the economic impact of the coronavirus and potential bailouts.
Target Corp said on Wednesday it saw a more than 50% rise in same-store sales so far in March for certain essential goods, joining a list of grocery chains benefiting from consumers hunkering down for an extended period due to the coronavirus outbreak.
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“It’s a very unique environment that none of us have seen before,” Target Chief Executive Officer Brian Cornell said on Wednesday, adding that it had been difficult to keep shelves stocked with some essential items when demand soared.
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Similar scenes were seen in the United Kingdom, where consumers have stripped shelves bare of canned food, disinfectants, toilet paper and other essentials with the country going into lockdown.
UK’s biggest retailer Tesco said the coronavirus-led panic buying has put the company in “uncharted waters,” while Ocado, UK’s top online grocer, said on Tuesday orders currently were 10 times normal rates. The biggest global names are cautious in admitting it, but after a decade of an e-commerce induced “retail apocalypse”, the coronavirus outbreak is providing the relief that big-box supermarket operators have been hoping for.
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Analysts pointed to Walmart and Target as two chains that will benefit more than others in the United States due to their robust supply chains and higher investments in online and delivery.