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Back in January I warned that the “retail bloodbath has only just begun”, given the absence of income growth, gargantuan household debt levels, and the shift in retail purchases away from bricks-and-mortar to online and digital platforms.
The COVID-19 pandemic has obviously accentuated these problems, with Target the first major store chain to shutter amid the coronavirus economic collapse:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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