Tuesday, June 16, 2020

"Retail association says 30% of members fear going under"

From the Commonwealth Magazine, ab article of interest for Franklin:
"The Green Bean’s experience is not unique. Many businesses are beginning to reopen with new safety standards and reduced capacity, but there are many others that may not be able to reopen at all. And those closures could have a ripple effect on Main Streets across the state.

“Businesses have made decisions where to locate around amenities,” said Greg Reibman, president of the Newton-Needham Regional Chamber. “If we’re losing amenities, that has a whole domino effect.”

The Retailers Association of Massachusetts recently surveyed its members and found that 30 percent of respondents were somewhat or extremely concerned that they would not survive the pandemic. President Jon Hurst said many businesses are at the end of their financial rope. They have had to pay for leases and inventory they could not sell. A clothing store might have a large stock of unsold winter coats – but it needs to buy summer clothes to reopen in June. Federal business loans can only go so far.

“It’s the reality of just not having the wherewithal to do that outlay for buying the inventory when you’ve had no income coming in,” Hurst said."
Continue reading the article online

The news of the British Beer Company closing is not the only retail operation we'll hear about. We do need to support our local businesses, all the time. This pandemic is going to have some significant impact on many operations.

Commonwealth Magazine
Commonwealth Magazine

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