Retail chains Bed Bath & Beyond (BBBY) - Get Report and Kohl's (KSS) - Get Report are the latest retailers to announce widespread closures of their stores across the U.S. and Canada as the entire retail industry grinds to a halt amid the ongoing coronavirus pandemic.
Union, N.J.-based Bed Bath & Beyond said it will temporarily close more than 50% of its stores across all its banners within the U.S. and Canada, though it will continue to operate essential stores including buybuy BABY and Harmon, as well as Bed Bath & Beyond stores that sell healthcare, personal care, infant care, cleaning supplies and basic food and beverages.
Kohl’s, meanwhile, is shuttering all of its more than 1,100 retail stores in the U.S. at least until April 1. The company said customers will still be able to shop through the its website Kohls.com and Kohl's app. "We look forward to reopening our stores soon to serve families across the country," CEO Michelle Gass said. Kohl's has stores in 49 states.
The moves follow other major retailers - and thousands upon thousands of smaller ones - who are closing their doors, either by force or by circumstance, as the coronavirus prompts consumers to not only steer clear for health and safety reasons, but for economic ones.
Simon Property Group (SPG) - Get Report, the largest owner of shopping malls in the nation, closed all of its properties on Wednesday. Westfield and Taubman malls followed with U.S. closures on Thursday.
To be sure, grocery stores, gas stations and pharmacies are keeping their doors open to help people stay stocked with essentials, though many are shortening store hours to clean and restock. Walmart (WMT) - Get Report, the world's largest brick-and-mortar retailer, shortened hours beginning Thursday, for the second time in less than a week.
Shares of Bed Bath & Beyond were up 1.29% at $5.49 in trading on Friday. Shares of Kohl's were down 0.17% at $17.15. Walmart stock was up 2.2% at $122.08 while shares of Home Depot were up 4.59% at $168.53. Shares of Simon Property Group were up 6.82% at $59.54.