Credit Suisse is lowering EPS estimates by –3% on average for 2019 and by –5.5% for 2020 for U.S. department stores.
Domestic closures are trending to all-time record highs, led by the Softlines, (aka apparel or textiles), according to Michael Binetti and other Credit Suisse analysts.
There have been 7,600 U.S. store closures announced in 2019 to date, representing the highest number of closures ever at this point in the year.
From the part-time sales associate at a local store on Main Street to an app-developer for a major retailer, the retail industry directly employs 29 million Americans, making it the largest private sector-employer in the economy. These jobs aren’t just behind a cash register. In fact, 45 percent of retail employees do not work in a sales position.
Anyone whose job results in a consumer product – from those who supply the raw materials to factory workers to the truck drivers who deliver goods to stores – counts on retail for their jobs.
With 3.6 million stores drawing on a vast array of suppliers, retail supports 42 million jobs and represents $2.6 trillion of annual GDP in the United States.
Brian Wang is a prolific business-oriented writer of emerging and disruptive technologies. He is known for insightful articles that combine business and technical analysis that catches the attention of the general public and is also useful for those in the industries. He is the sole author and writer of nextbigfuture.com, the top online science blog. He is also involved in angel investing and raising funds for breakthrough technology startup companies.
He gave the recent keynote presentation at Monte Jade event with a talk entitled the Future for You. He gave an annual update on molecular nanotechnology at Singularity University on nanotechnology, gave a TEDX talk on energy, and advises USC ASTE 527 (advanced space projects program). He has been interviewed for radio, professional organizations. podcasts and corporate events. He was recently interviewed by the radio program Steel on Steel on satellites and high altitude balloons that will track all movement in many parts of the USA.
He fundraises for various high impact technology companies and has worked in computer technology, insurance, healthcare and with corporate finance.
He has substantial familiarity with a broad range of breakthrough technologies like age reversal and antiaging, quantum computers, artificial intelligence, ocean tech, agtech, nuclear fission, advanced nuclear fission, space propulsion, satellites, imaging, molecular nanotechnology, biotechnology, medicine, blockchain, crypto and many other areas.