ST. LOUIS — When Kate Duryea walked out of her Clayton boutique on March 9, she had a strong feeling she was taking a step toward a new business model.
“We’re pretty in tune with what’s going on,” she explained. “We anticipated this.”
About a month after the stay-at-home order was placed in St. Louis County, Duryea officially announced her store, Dimvaloo, was closing its storefront.
Dimvaloo joins restaurants like 5 Star Burgers in Creve Coeur and Bobo Noodle House to close their doors permanently because of COVID-19.
Even with government loans, the coronavirus has set many small businesses back. Experts said it could take 4 to 5 years for some shops and employees to recover.
While Dimvaloo doors are locked, Duryea has transitioned her retail to an online shop and remains optimistic.
“I believe in creative destruction from an economic theory standpoint,” she explained. “I think with changes comes real opportunity.”
Nationally, big chain retailers like Nordstrom and Walgreens have announced store closures. On Tuesday, Pier 1 announced all of its locations will be closed for good once the lockdown is lifted.
Nearly every industry is hurting because of COVID-19, with hospitality and restaurants, aviation, and retail having the highest risk for permanent closures.
As customers drift away from shopping in person, retailers must adapt if they want to continue operations.
“The bulk of shopping for apparel is done in brick-and-mortar,” said Duryea. “We feel we’ve reached a tipping point to where people will shop with us instead of in store.”
The coming weeks are vital for businesses. If cases and hospitalizations drop, third quarter profits will likely rise, increasing businesses chances for surviving the pandemic.
OTHER LOCAL STORIES
