Germany's city centers may be bustling again, but not at the same level as before the coronavirus lockdown. Worse still, early indications suggest people aren't spending with the same enthusiasm.
The country's retail sector expects this year's loss innon-food trade to hit €40 billion ($45.6 billion). Sales will end 2020 udown 22% compared to last year, according to the Germantretail federation HDE.
Figures published this week showed clothes and shoe stores were the hardest hit during the stay-at-home orders introduced in March and April, with sales plummeting 65% and 61% respectively. German jewelers and toy stores, meanwhile, saw theirrevenues cut almost in half.
"Retailers in large city centers that draw a lot of tourists have been affected the most. Asia and Russia's wealthy are missing," Markus Wotruba, head of research at theetail analyst BBE, told DW. He added that Germans are, for the timebeing, more likely to shop in their immediate vicinity, which has shrunk the catchment area of many regional shopping malls.
Read more at:
Germany: Retailers urge fresh stimulus to prevent US-style apocalypse | Business| Economy and finance news from a German perspective | DW | 17.07.2020
The country's retail sector expects this year's loss innon-food trade to hit €40 billion ($45.6 billion). Sales will end 2020 udown 22% compared to last year, according to the Germantretail federation HDE.
Figures published this week showed clothes and shoe stores were the hardest hit during the stay-at-home orders introduced in March and April, with sales plummeting 65% and 61% respectively. German jewelers and toy stores, meanwhile, saw theirrevenues cut almost in half.
"Retailers in large city centers that draw a lot of tourists have been affected the most. Asia and Russia's wealthy are missing," Markus Wotruba, head of research at theetail analyst BBE, told DW. He added that Germans are, for the timebeing, more likely to shop in their immediate vicinity, which has shrunk the catchment area of many regional shopping malls.
Read more at:
Germany: Retailers urge fresh stimulus to prevent US-style apocalypse | Business| Economy and finance news from a German perspective | DW | 17.07.2020
