Many Retailers Are Closing. That's Good for Survivors. -- Barrons.com
Many Retailers Are Closing. That's Good for Survivors. -- Barrons.com
DJ Many Retailers Are Closing. That's Good for Survivors. -- Barrons.com
DJ許多零售商都要關門了。這對倖存者來説是件好事。--Barrons.com
By Teresa Rivas
特蕾莎·裏瓦斯(Teresa Rivas)著
More than two dozen retailers have gone bankrupt this year, as the Covid-19 pandemic has ripped through the industry. Yet that could be good for the survivors, says Yardeni Research.
隨着新冠肺炎疫情席捲整個行業，今年已有20多家零售商破產。然而，Yardeni Research表示，這對倖存者來説可能是件好事。
Even after the large number of bankruptcies in recent years, Barron's has argued that the U.S. still has too many stores. Ed Yardeni writes that perhaps with this most recent wave of bankruptcies, we might reach a point where the excess is finally taken out of the system and "the remaining players have a fighting chance at survival."
即使在近幾年大量破產之後，Barron‘s仍然認為美國的門店仍然太多。埃德·亞德尼(Ed Yardeni)寫道，也許隨着最近這波破產浪潮的到來，我們可能會達到這樣一個點，即多餘的部分最終會被從體系中剔除，而“剩下的參與者有生存的戰鬥機會。”
Macy's (ticker: M) addressed this issue during its most recent conference call, noting that it could pick up customers as peers struggle. (Earlier this week, the troubled J.C. Penney (JCPNQ) said it would sell itself to its landlords.) Department stores and others have seen a bit of a rebound in sales, perhaps hinting at equilibrium to come, Yardeni notes. "After years of online sales taking market share, some of the brick-and-mortar retailers may be holding their own, helped by the push to offer online purchases that can be delivered to doorsteps or picked up in stores."
梅西百貨(股票代碼：M)在最近的電話會議上談到了這個問題，指出在同行苦苦掙扎的時候，它可能會吸引顧客。(本週早些時候，陷入困境的J.C.Penney表示將把自己賣給房東。)Yardeni指出，百貨商店和其他商店的銷售額出現了一些反彈，可能暗示着平衡即將到來。在多年的在線銷售佔據市場份額之後，一些實體零售商可能會保住自己的地位，這得益於推動提供可以送貨上門或在商店提貨的在線購物。
As the pandemic has exacerbated the pain that many weaker retailers were already feeling, it shouldn't surprise investors that -- even after years of headlines about a retail apocalypse -- companies are closing stores at an even faster clip in 2020.
由於疫情加劇了許多實力較弱的零售商已經感受到的痛苦，即使在有關零售業末日的新聞頭條持續了多年之後，企業在2020年關閉門店的速度甚至更快，也不應該讓投資者感到意外。
Yet Yardeni notes that even mall survivors from Gap (GPS) to Victoria's Secret parent L Brands (LB) are also trimming their store base. Barron's has reported before that the pandemic is a way for retailers to shrink their footprint to a more rational level without the negative press that might have accompanied this necessary move in more normal times. If this all leads to fewer, healthier stores, that could be good news for those that remain.
然而，亞德尼指出，即使是從Gap(全球定位系統)到維多利亞的祕密母公司L Brands(LB)等購物中心的倖存者也在削減門店基礎。Barron‘s以前曾報道過，大流行是零售商將足跡縮小到更理性水平的一種方式，而不會出現在更正常的時期可能伴隨着這一必要舉措的負面新聞。如果這一切都導致了更少、更健康的商店，對於那些留下來的商店來説，這可能是個好消息。
That said, investors still need to be cognizant that plenty of pain remains in the sector. Apparel-focused retailers especially have had a bad year (as working, learning, and playing at home has shifted shoppers' spending away from clothing, with a few notable exceptions). Revenue for the department store group is expected to fall nearly 20% this year, with analysts predicting steep losses for the companies.
話雖如此，投資者仍需認識到，該行業仍存在大量痛苦。專注於服裝的零售商今年尤其糟糕(因為在家中工作、學習和娛樂已經將購物者的消費從服裝上轉移出來，除了幾個值得注意的例外)。百貨商店集團今年的收入預計將下降近20%，分析師預計這些公司將大幅虧損。
So while better times may be ahead in a less crowded retail landscape, it won't be a smooth ride to get there.
因此，雖然在一個不那麼擁擠的零售業格局中，美好的時代可能就在前方，但要實現這一目標並不是一帆風順的。
Write to Teresa Rivas at teresa.rivas@barrons.com
寫信給Teresa Rivas，電子郵件：teresa.rivas@Barrons.com
(END) Dow Jones Newswires
(完)道瓊斯通訊社
September 10, 2020 11:10 ET (15:10 GMT)
2020年9月10日美國東部時間11：10(格林尼治標準時間15：10)
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