Victims of Amazon

Americans buying ‘historic’ amount of computers during coronavirus lockdown

With more Americans working from home, we're buying a historic amount of computers, webcams, and monitors.

Walmart to limit number of customers at stores as virus crisis deepens

It said it will now allow no more than five customers per 1,000 square feet at a given time and that they would be admitted one by one and counted by store associates. Walmart also said it would implement a one-way movement through aisles in some stores by next week.

Walmart (WMT) Pauses Stake Sale in Asda Amid Coronavirus

Walmart (WMT) puts plans to sell off a major stake in its U.K. grocery unit, Asda on hold to efficiently manage its business during the coronavirus outbreak.

Farmers Dump Milk in Latest Blow to Battered U.S. Dairy

(Bloomberg) -- With milk prices plunging to lows that haven’t been seen in nearly four years, dairy cooperatives are dumping the product to curb an oversupply.While shoppers are clearing out milk cases at grocery stores, that’s not making up for the closings of restaurants and schools. U.S. cows are entering their most productive time of the year right now as the coronavirus is killing off a significant source of demand.Some dumping usually occurs during the U.S. spring, but this year it will be “even more aggressive,” said Alyssa Badger, director of operations at HighGround Dairy in Chicago.“There’s no way to offset how much loss we’re seeing with school closings and food-service demand in the form of cheese and butter, just because someone’s buying an extra gallon of milk,” Badger said.American dairy farmers have been suffering a wave of bankruptcies amid years of low milk prices, and with so many exiting -- Wisconsin alone was losing two to three dairy farms a day for the past three years -- the industry was just starting a recovery. The onset of the virus has put any such turnaround on hold.Benchmark Class III milk futures, a type that’s used in cheese-making, dropped below $13 per 100 pounds this week in Chicago, a low not seen since May 2016. Butter prices are crashing, with futures touching the weakest since 2012 amid swelling stockpiles. Cheese is at the lowest in a year.While Wisconsin dairy farmer Wayne Gajewski hasn’t yet resorted to dumping milk, supplies are backing up in local markets and prices have fallen below his cost of production. He’s hoping the federal government can buy some dairy products to distribute to those in need, and that the virus clears up soon.“We’re not used to the supply chain breaking down,” Gajewski, who has about 80 dairy cows, said by phone. “That’s my biggest concern.”Demand for dairy products initially surged due to consumers stocking up on staples. Grocers including Walmart temporarily limited how much milk customers could buy. The limits are currently not necessary for store shoppers, the company said on Friday.But with schools and restaurants closed, some milk and cheese products have no market. Kristen Coady, a spokeswoman for Dairy Farmers of America, said the group is trying “all possible avenues” including donation opportunities at food banks.And it’s not just dairy. Backed-up corn ethanol plants are shutting down in Iowa and Nebraska. Farmers in Florida are dumping yellow squash and zucchini.“There’s some similarities with squash and a milk cow,” said James Alderman, a vegetable farmer in Florida. “With squash, if we have 85-degree temperatures, it has to be picked every day or it will get too big and we can’t sell it. They are cutting the squash every day and throwing it on the ground.”Dumping shows how urgently farmers need help, said Grace Atherton, communications director at the Wisconsin Department of Agriculture, Trade and Consumer Protection. “If people do have milk disposal, we are encouraging them to document that loss,” Atherton said by phone.The federal aid package to tackle the fallout from the coronavirus crisis includes $9.5 billion in assistance for farmers, according to the U.S. Department of Agriculture.Canceled OrdersAt Grassland Dairy in Wisconsin, orders started getting canceled in late March as eateries shut down or shifted just to takeout and delivery.“There’s just so much unknown out there on the food-service side,” said Trevor Wuethrich, president at the dairy maker. “I think a lot of our customers in the food-service sector have butter in storage. They’re saying, ‘you know what, let’s not order for a couple of weeks.’”Around half of butter and half of cheese is consumed at restaurants, said Matt Gould, editor at Dairy & Food Market Analyst Inc. Because so many eateries have closed, cheese manufacturers have either shuttered or are running on reduced schedules.Milk that would have gone into those plants are instead being pushed to butter and milk powder plants -- but those are now full, too, according to Gould. That leaves dumping as the only alternative.“With plants shut down and running at reduced schedules, there’s not enough homes for the milk,” Gould said.(Updates with details on milk-buying limits)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

'I feel lost': America's freelancers left without income amid coronavirus financial crisis

The novel coronavirus has capsized the lives of freelancers and self-employed workers who are trying to find financial stability.

lululemon Extends Store Closure on Rising Coronavirus Impact

COVID-19 derails economic activities worldwide. lululemon (LULU) extends store closures in certain regions until further notice and creates a fund to help employees.

Sainsbury's to ease coronavirus shopping restrictions

Sainsbury’s is to ease some of its shopping restrictions on the number of items customers can buy but allows only one adult per household to shop.

Retailers Wish You'd Be Back Shopping By Easter

(Bloomberg Opinion) -- Donald Trump wasn’t alone in hoping everyone’s lives could get back to normal by Easter weekend.Retailers’ decisions to furlough hundreds of thousands of U.S. retail workers this week underscore that store closures are set to go on for much longer than initially anticipated. Closings in many major markets around the world will remain in place through next weekend and beyond, wreaking havoc with the prime spring shopping season.Hennes & Mauritz AB said on Friday that net sales fell by 46% in March from the year earlier. It expects a loss in its second quarter. The extended closures will now affect crucial pre-Easter shopping period, worth about $25 billion to U.S. retailers, according to GlobalData. While people may still indulge in filling their children’s baskets with chocolate eggs to create some holiday cheer in this difficult time, crackdowns on even the smallest of gatherings mean they won’t be planning big fancy meals, nor refreshing their bunny-and-chick-themed decorations.  What’s more, consumers can’t take advantage of the long holiday weekend in much of Europe to start shopping for the latest trends for summer. That’s a blow because it typically kicks off the period when consumers refresh their wardrobes, home decorations and gardens for the warmer months. If temperatures soar, that can normally set non-food retailers fair for the coming quarter.  From there, people’s diaries would typically be chock full with weddings, graduations and parties, plenty of reasons to update one’s wardrobe. But the novel coronavirus has radically changed all of that, eliminating pretty much any reason to dress for success. It’s estimated that half of couples planning weddings in the U.S. this year are looking to postpone them, according to data from the Wedding Report. The graduation season has been thrown into question. More than 80 U.S. colleges and universities have either canceled, postponed or been turned their 2020 commencement ceremonies into virtual gatherings. View this post on Instagram A post shared by Nordstrom (@nordstrom) on Apr 2, 2020 at 5:40pm PDTThat means everything from floral dresses to pastel hued shoes may have to be offloaded. Discounting to clear unwanted stock means the crisis is likely to last well into the second quarter, and possibly beyond.There’s another reason why the impact on may be bigger than initially feared: Some online demand has evaporated. Retailers have to ensure workers processing internet orders observe strict social distancing rules. So far British online fashion group Asos Plc, which generated 13% of its sales from the U.S., has kept its warehouses in Atlanta, Berlin and the U.K. open, albeit with longer delivery times. But rival fashion chain Next Plc has stopped taking online orders while it reconfigures its distribution centers. This would be in line with its worst case scenario of the business being closed for four weeks, cutting full-year sales by 1 billion pounds ($1.2 billion).No wonder store chains have shifted to cash preservation mode. H&M said it was taking a number of initiatives, from cutting working hours to seeking rent reductions, to try to cope. In the U.S., hundreds of thousands of staff are being temporarily laid off, with chains such as Macy’s Inc., J.C. Penney Co., Kohl’s Corp. and Gap Inc. halting pay for much of their workforce while preserving some benefits. The longer the hiatus in consumer spending, the more likely that some retailers and restaurants just won’t open their doors again. Others may decide to radically cut down on their brick-and-mortar locations. U.S. department stores, already grappling with the shift to online and mostly lackluster product selections, look particularly challenged.But even companies that do emerge relatively unscathed could find recovery just as demanding. Consumers who have kept their jobs will likely be eager to splash out on holiday and work attire when they’re finally able to move about freely and go back to the office, purchases they can fund with money saved during lockdown on everything from gym memberships and dining out.The question is whether any pent up demand will be enough to alleviate lost sales from those who have been temporarily laid off, or worse, made redundant. Individuals in fear of losing their jobs, or being forced to take pay cuts, are likely to save more. So consumer-facing companies need to brace themselves for a long haul.  It’s going to be some time before stores reopen, and even longer before they get back to any semblance of normality.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Target (TGT) Stock Sinks As Market Gains: What You Should Know

Target (TGT) closed at $94.37 in the latest trading session, marking a -0.94% move from the prior day.

Walmart puts partial sale of UK's Asda on hold due to coronavirus crisis - source

Walmart puts partial sale of UK's Asda on hold due to coronavirus crisis: source

Coronavirus could wipe out department stores: former Apple store chief

Ron Johnson, who is the former CEO of J.C. Penney and architect of Apple's retail stores, gives his take on the future of department stores during coronavirus.

Walmart Stock Rises 3%

Investing.com - Walmart (NYSE:WMT) Stock rose by 3.05% to trade at $117.70 by 15:44 (19:44 GMT) on Thursday on the NYSE exchange.

Nordstrom (JWN) Down 59.6% Since Last Earnings Report: Can It Rebound?

Nordstrom (JWN) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

Why Is Target (TGT) Down 11.6% Since Last Earnings Report?

Target (TGT) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

Why Is Kohl's (KSS) Down 64.6% Since Last Earnings Report?

Kohl's (KSS) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

Implied Volatility Surging for Macy's (M) Stock Options

Investors need to pay close attention to Macy's (M) stock based on the movements in the options market lately.

Morrisons to give staff £1,050 coronavirus bonus

Morrisons have told staff to expect a bonus of over £1,000 as coronavirus fears made March the biggest month on record for grocery sales.