Apple re-closes some stores, raising economic concerns
Associated PressApple’s Friday decision to close stores in four states with surging coronavirus cases highlights a question that other businesses may soon face: Stay open or prepare for more shutdowns? It’s not clear whether other retailers will follow en masse, although one analyst expects hard-hit stores to stay open unless forced to close by local authorities. Because U.S. efforts to contain the pandemic haven’t been particularly successful, the situation “could ultimately lead to a need for more prolonged shut-downs” that would reduce consumer spending and cost jobs, said Eric Rosengren, president of the Federal Reserve Bank of Boston. The store closures won’t put a significant dent in Apple’s sales, said Wedbush Securities Daniel Ives, but they are “a worrisome trend.” The Cupertino, California, company has continued to sell iPhones and other products online, and other retailers can do so as well if they decide to close, said Craig Johnson, president of retail consultancy Customer Growth Partners.