Today In Retail: Past Macy’s CEO Anticipates More Store Closures, 46 Pct Of Americans Plan To Travel For December Holidays
In today’s top retail news, former Macy’s CEO Terry Lundgren said he anticipates more store closings next year, while about half of Americans intend to travel for the December holidays amid the pandemic. Plus, the auto vertical keeps firing on all cylinders even with the pandemic, and CarMax is the latest case for its resiliency.
Former Macy’s CEO Terry Lundgren said he anticipates that the disruption to the retail sector that is connected to the pandemic will continue into 2021 and might bring about further store closings. “We’re not done yet. … We’re going to learn even more when we get through the holiday season,” Lundgren told CNBC. “Retailers who have a weak balance sheet today aren’t going to get relief in January.”
About half of Americans plan to travel for the December holidays during the pandemic, per Cars.com. COVID-19 is impacting travel decisions more and more and causing most travelers — 66 percent — to harness their own personal vehicles as opposed to travel by air or mass transit. Only 33 percent of Americans plan to travel for New Year’s in contrast to 41 percent when asked in October.
The automotive sector keeps firing on all cylinders even with the pandemic as eCommerce and offline sales have stayed even or have increased for the third quarter. CarMax is the newest case for its resiliency, as the company unveiled Q3 earnings that exhibited formidable sales as the firm prepares for a push in the digital-first economy.
Lease-to-own purchase plan provider Rent-A-Center said Monday (Dec. 21) that its purchase of a virtual provider of similar offerings will speed up its omnichannel growth strategy and make its alternative financing method available to additional merchant partners and credit-constrained consumers. Rent-A-Center is purchasing Acima, which is based in Utah.