NEW YORK/MADRID : As virus-wary customers stayed home in the United States and Europe, clothing shops braced for a blow to product sales and a possible stock glut. Some slashed orders at garment factories though many others started discounting goods.
U.S. shops together with Macy’s Inc, Saks Fifth Avenue and Hole Inc.’s Banana Republic sent notices to customers late Thursday stating they ended up open for business in a go to stem losses thanks to a steep drop in targeted visitors.
In Europe, Zara operator Inditex mentioned on Friday it would quickly shut suppliers in the parts of Spain worst impacted by the coronavirus, together with Madrid. In Italy, most stores ended up shuttered on Wednesday.
In New York, suppliers in some of the world’s most heavily frequented searching districts like Fifth Avenue and Madison Avenue ended up virtually empty on Friday even