Pandemic measures expected to cost German retailers billions

Business
By Editor_1
-dpa
0

BERLIN – German retailers, many of which must close from Wednesday (16) under a new lockdown, are expected to lose out on more than 6 billion euros (US$ 7.3 billion) in pre-Christmas sales compared to last year’s levels, according to an industry body.

“The end of the year, normally the strongest phase for sales, is turning into a fiasco for many retailers,” said Stefan Genth, managing director of the German Retail Federation (HDE).

Overall, the HDE expects sales of just under 98 billion euros in November and December, 7% less than in the same period of 2019.

While online retail is expected to increase its sales by almost a third to just under 20 billion euros, this will not compensate for the losses incurred by bricks-and-mortar stores, which are forecast to take a 14% hit, Genth said.

At the beginning of November, the industry association had forecast pre-Christmas sales to reach almost 104 billion euros.

Genth warned that the pandemic threatens to deepen the divide within the retail sector between struggling high-street chains and the winners in the crisis, which include online shopping outlets and supermarkets.

“In the fashion sector in particular, many businesses are on the verge of insolvency,” he added.

Without further government support, some 50,000 stores with around 250,000 employees might not survive the crisis.

The German government has promised to reimburse businesses up to 75 per cent of their revenue based on December 2019 levels in order to support them in the second half of this month.

-dpa

 

Editor_1
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