As the reprieve granted by the brilliance of Independence Day fireworks fades, gloomy economic prospects for the retail industry are once again making headlines. This week, the New York Times published an article warning of the dire state America’s retailers, including large malls, find themselves in.
America’s shopping malls are populated by independently owned small businesses and larger chains alike, and none are safe from the economic carnage of COVID-19. According to the Times:
“But the pandemic has been devastating for the retail industry and many of those stores are disappearing at a rapid clip. Some chains are unable to pay rent and prominent department store chains including Neiman Marcus, as well as J.C. Penney, have filed for bankruptcy protection. As they close stores, it could cause other tenants to abandon malls at the same time as large specialty chains like Victoria’s Secret are shrinking.”
Without additional support from Congress, American businesses will continue to suffer, and so will the employees and communities that rely on them for income, health care, and a sense of purpose.