By Tara Rippin • 21 March 2020 • 19:09
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After closing their stores to combat the spread of the coronavirus, many retailers are offering site-wide discounts and free shipping to tempt people stuck at home to shop.
And while this is great news for shoppers, it’s too early to tell exactly how this will impact businesses themselves with many already announcing siginificant losses.
The world’s biggest fashion retailer, Spanish fashion house, Zara, has closed 3,785 stores due to the pandemic and announced sales in store and online have nose dived by 24 per cent.
The company, which this week announced it will donate masks to coronavirus patients and health officials in Spain and is looking into converting factories to manufacture hospital gowns, is writing off €287 million in inventory.
Inditex, which owns Zara as well as Bershka and Massimo Dutti, confirmed that online sales, which represented 14 per cent of 2019’s total, were continuing well, as normal but represent a small chunk of overall sales.
Sportswear giant, Nike, has broken its normal operating methods of limiting promotions to certain categories by announcing discounts of 25 per cent on all its products as of yesterday (Friday, March 20) to try to boost sales.
The move follows financial expert predictions that the sportswear firm’s revenue could fall by a third during their quarter ending May 31 due to closures and supply disruptions.
Amazon meanwhile, is experiencing an unprecedented surge in online orders which is causing delivery delays and certain items to run out.
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Tara Rippin is a reporter for Spain’s largest English-speaking newspaper, Euro Weekly News, and is responsible for the Costa Blanca region.
She has been in journalism for more than 20 years, having worked for local newspapers in the Midlands, UK, before relocating to Spain in 1990.
Since arriving, the mother-of-one has made her home on the Costa Blanca, while spending 18 months at the EWN head office in Fuengirola on the Costa del Sol.
She loves being part of a community that has a wonderful expat and Spanish mix, and strives to bring the latest and most relevant news to EWN’s loyal and valued readers.
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