Canterbury Mornings

A new report looking into the state of the retail sector reveals a grim outlook.Approximately 6700 retail businesses are at risk of closure during the rest of the year, but even more shockingly, 17,100 could shut up shop for good as a result of Covid-19.Of the some-27,000 retail businesses in New Zealand, just 10,000 are understood to be in a stable financial position.New Zealand's retail sector continues to face severe pressures due to the pandemic, Retail NZ chief executive Greg Harford told the Herald.Throughout March and April, revenue in the sector was down an average of 80 per cent. In May, as the country moved to alert level 2, overall sales were down 12.7 per cent compared to the same time last year, the latest Retail Radar report shows.A survey of Retail NZ members found that 24 per cent of businesses either expected to cease trading or were not confident they could continue, and a further 37 per cent said that their survival hung in the balance.The perception that shops were open and trading again a