Major retailers are closing stores nationwide and reducing the hours of those that are still operational in a trend that has them joining the ranks of many local businesses that are reducing hours or closing outright due to concerns and local government mandates.
Walmart (NYSE: WMT), Kroger (NYSE: KM) subsidiary Ralphs, and Amazon subsidiary (NASDAQ: AMZN) Whole Foods Market have all announced measures to combat the novel coronavirus, COVID-19, that include cutting hours to allow employees more time to restock and sanitize. Walmart is cutting all of its 24-hour stores to the operating hours of 6 am - 11 pm, while Ralphs plans to operate stores between 8 am - 8 pm. Whole Foods will also be cutting hours and restricting certain practices, such as handing out free samples.
Other outlets are taking more extreme steps and closing stores entirely, due in part to the decreased retail demand worldwide. Urban Outfitters (NASDAQ: URBN), Glossier, and Neighborhood Goods have all announced temporary store closures.
In the foodservice industry, major chains are enacting partial closures. Chick-fil-A, for example, has closed its dining rooms and is exclusively serving food for carryout and drive-thru only. Taco Bell (NYSE: YUM) is taking a similar but only partial measure, announcing that it will be having restaurants switch to drive-thru and carryout only "where necessary."
While many businesses nationwide are reducing or outright ceasing operations voluntarily, many, including local businesses, are being forced to close due to mandates by local governments. Several states and major cities have already ordered specific venues to close or restrict their business to carry out/delivery, including New York, New Jersey and Connecticut. Los Angeles Mayor Eric Garcetti ordered the closure of entertainment venues (bars, movie theaters, etc.) and in-house dining to slow the spread of the coronavirus, while Miami-Dade Mayor Carlos Gimenez restricted business hours for bars and restaurants as well as enacting capacity limits.