In case my fellow NY and NJ shoppers are unaware, C21 is closing all of it's retail stores. Yet TV news said yesterday that overall retail business has returned to pre Covid levels.
*avid market watcher/investor here*
Yeah, I saw the same headline. Keep in mind that "retail" refers to a broad category of stores, including big box essential/general stores (Target, Walmart, Costco) to big box specialty stores (Best Buy, Home Depot), all the way to clothing and small niche stores.
As a whole, retail may have recovered. However, that could still mean that certain sectors (or even certain stores within a sector) have not.
In fact, most recessionary patterns show that weaker stores go under and their surviving top performing competitors can grow stronger and steal market share from them fallen stores. It's like a weeding out, survival of the fittest process in recessions oftentimes.
The report I saw said they were very dependent on buying by tourists--which has essentially evaporated. Also, their insurance company refused to pay their business interruption claim. They have several stores in the NYC metro area, including New Jersey, also I think Florida and Pennsylvania.
I hope that one of the things upcoming federal and state governments address is bad behavior by insurance companies. This seems to be a common problem in disasters in the USA.