High Street chains braced for reopening of stores as they tempt shoppers back, with City watching for signs that consumers are not afraid to head out
High Street chains were braced this morning for the reopening of stores as they tempt shoppers back.
The City is watching for signs that consumers are not afraid to head out, and that social distancing does not ruin the shopping experience.
Winners and losers: Boohoo’s share price has rocketed, while Marks & Spencer has struggled during the coronavirus lockdown
How customers react could determine the future of many stores and thousands of retail jobs.
Laura Ashley, Cath Kidston and Debenhams have all gone bust during lockdown.
Retail expert Richard Hyman said: ‘Most bosses are expecting half as many shoppers as usual. Don’t expect shops to bounce back immediately.’
The lockdown has put pressure on the share prices of firms which were ill-prepared for the rapid move to online shopping. Marks & Spencer’s price fell from 157p on March 2 to a historic low of 85p, before recovering to 105p last week.
By contrast, online fashion giant Boohoo’s price has rocketed.
Its stock is now priced at 363p per share, compared with 301p at the start of March, giving it a market capitalisation of £4.5billion.