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Retail update during Covid

  • The denim maker Levi Strauss & Co.’s sales fell 62% during its fiscal second quarter, the company announced Tuesday, as its online sales weren’t enough to make up for its stores being temporarily shut for roughly 10 weeks. The company announced it will be slashing about 15% of its global corporate workforce, impacting about 700 jobs, in a bid to cut costs. (CNBC)
  • Pret a Manger announced plans to permanently close 30 branches and could cut at least 1,000 jobs after suffering “significant operating losses.” The food to go chain said it had reopened 339 out of its 410 UK shops but foot traffic remained down while sales were 74% lower than the same time last year as people continue to work from home. (TheGuardian
  • Dunkin‘ will close 450 locations inside convenience stores around the country before the end of the year. The coffee and donut chain reached an agreement with Speedway earlier this year to exit the approximately 450 Speedway owned and operated limited menu locations along the east coast by the end of 2020. Dunkin’ said it will still look to grow its gas station and convenience locations as well as airports, universities, travel plazas, and military installations. The company still has over 8,500 restaurants in 41 states. (ABC)
  • As retail real estate has suffered rising vacancies, gyms were seen as part of the solution because they offer experiences that were difficult to reproduce on the internet. Some of these fitness destinations also drew other tenants such as spas and salad and juice chains. Planet Fitness, which has reopened 1,500 locations, said visits are approximately 60% of the prior year in stores that have been reopened for at least a couple of weeks. (WSJ)

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