Home / MARKET / With Omicron coming, a few months of recovery, it looks like it will break in a few weeks

With Omicron coming, a few months of recovery, it looks like it will break in a few weeks

With Omicron coming, a few months of recovery, it looks like it will break in a few weeks

When U.S. borders opened to international visitors on Nov. 8, retailers and trade groups rejoiced at the rebound in the U.S. fashion market, which had already been on the upswing for the last couple of months. Like other major travel destinations, New York City relies on tourism-induced sales and was hit hard amid pandemic-related shutdowns and a lack of tourism in the U.S. But now, the light at the end of the tunnel was finally visible.

At the same time corporate offices were planning on reopening their doors. Stores were gearing up for a holiday season of record demand. And major events, like theatre and industry conferences, were back in-person.

Then Omicron came, and months of recovery seemed to disintegrate in a matter of weeks.

The U.S. hit a pandemic record on Tuesday, with 265,427 cases a day on average, the Wall Street Journal reported. In New York City, 2% of all Manhattan residents were positive in the last week, with other boroughs seeing similarly strong numbers.

According to recent data from the Real Estate Board of New York (REBNY), the progress made in Manhattan’s retail markets depends on “clear guidance” from leadership and the “ability to handle the increase in the COVID-19 cases.”

“The failure to contain COVID-19 or address these other issues would jeopardize the progress already made, in what has turned out to be a marathon rather than a sprint to recovery,” the report stated. Find more.

|Source: Online/SZK

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