Even Upscale Retail Stocks Are Falling on Coronavirus Economy Fears
Shares of upscale apparel companies and retailers were falling on Friday afternoon, caught in a broad-based market sell-off that appeared to be driven by concerns about the duration -- and economic after-effects -- of the coronavirus-related retail shutdowns. Here's where these three stocks stood as of 2:30 p.m. EDT:
The story is similar for all three of these companies (and many more). First, with their retail stores closed for the time being, sales are down sharply right now. Second, investors are growing worried that consumers -- including affluent consumers -- may cut discretionary spending on economic concerns that could last well after the pandemic fades.
Put another way, hitting Nordstrom for Coach bags and Ralph Lauren boots may not be on too many people's Saturday-afternoon plans this fall.
Source Fool.com
