US Treasury Secretary Janet Yellen is calling a meeting of several key financial regulators this week to discuss market volatility driven by retail trading in GameStop and other equities favoured by online investors.

Yellen will convene the heads of the Securities and Exchange Commission (SEC), the Federal Reserve, the Federal Reserve Bank of New York and the Commodity Futures Trading Commission, Reuters first reported on Tuesday.

Yellen sought a waiver from ethics lawyers prior to calling the meeting, according to a document seen by Reuters. Her decision to seek permission follows reports that she received $700,000 in speaking fees by hedge fund Citadel, a key player in the GameStop saga, potentially creating a sticking point for Yellen.

A Treasury official, who declined to be named by Reuters, said the meeting would be held this week, potentially as early as Thursday.

“Secretary Yellen believes the integrity of markets is important and has asked for a discussion of recent volatility in financial markets and whether recent activities are consistent with investor protection and fair and efficient markets,” said Treasury spokesperson Alexandra LaManna in a statement to Reuters.

The move by Yellen follows a week of unprecedented market volatility as retail investors piled into stocks that had been targeted by short-sellers. Brick-and-mortar video game retailer GameStop saw the most trading activity, with its stock price rising more than 1,600% from its state at the beginning of the year, though other struggling outlets including AMC, BlackBerry and Bed Bath & Beyond were also affected.

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The investors’ coordinated push against short-sellers cost hedge funds billions of dollars, with the resulting volatility causing Robinhood to restrict purchases of the focal stocks – a move which also caught the attention of lawmakers, who subsequently called for an investigation into the platform.

Leaders of House and Senate committees responsible for financial industry oversight are planning to hold hearings regarding the conduct of trading platform Robinhood after it froze purchases of shares in GameStop and other equities that have been boosted by an unprecedented wave of online retail investment.

On Thursday morning, Robinhood blocked investors from purchasing shares in GameStop, AMC, Bed Bath & Beyond, BlackBerry and Nokia, which have become the subject of unprecedented rallies over the past few days as small retail investors flocked to companies being bet against by hedge funds.

Users were left unable to buy further stock, though they were still permitted to sell their positions. The platform also raised margin requirements for specific trades and cancelled stock orders placed the previous night.

“We continuously monitor the markets and make changes where necessary,” Robinhood said in a press release before markets opened. “In light of recent volatility, we restricted transactions for certain securities to position closing only.”

Lawmakers as far apart on the political spectrum as Representative Alexandria Ocasio-Cortez and Senator Ted Cruz condemned the decision of Robinhood to "block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit."

"We must deal with the hedge funds whose unethical conduct directly led to the recent market volatility and we must examine the market in general and how it has been manipulated by hedge funds and their financial partners to benefit themselves while others pay the price," said Maxine Waters, chair of the House Financial Services Committee.

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Robinhood was not the only broker to freeze purchases in the volatile stocks, with Schwab, M1, Public and Webull also temporarily curbing trades. Shares in GameStop and AMC fell 44% and 57% respectively following the platforms’ new restrictions.

37-year-old US video game retailer GameStop has found itself the epicentre of a fight between established short-sellers and online traders.

GameStop, which focuses on selling physical products, has posted large annual losses as consumers have shifted towards purchasing games digitally. As a high street retailer, it was also greatly impacted by the COVID-19 pandemic, announcing mass closures of its stores in April 2020. Shares in the company dipped as low as £3.25 around this period.

However, a number of ambitious investors have taken on GameStop stock, calling for the company to move its business online and become an active competitor to the likes of Amazon.

A trading firestorm was set off last week as Citron Research founder Andrew Left, who referred to GameStop as a “failing mall-based retailer” in a report earlier this month, took to YouTube to predict that the stock would fall to $20. In response, an unprecedented number of traders on the WallStreetBets subreddit began to aggressively buy up shares in GameStop in an apparent effort to rebuke Left and others looking to short the stock.

GameStop was the most actively-traded US stock last Friday, reaching levels of volatility that forced trading to cease several times during the day. This volatility continued through the new week, reaching more than $300 per share as of Wednesday.

With the potential to make enormous losses, several firms have now closed out of their short positions, including hedge fund Melvin Capital Management. According to reporting form CNN, Andrew Left has also given up on shorting the stock, citing harassment by GameStop backers.

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“As someone who started trading stocks in the late 90s in college, I would always remember watching when the small retail trading groups would get crushed by hedge funds and savvy short-sellers,” Edward Moya, senior market analyst at OANDA, said in a report. “What happened with GameStop’s stock is a reminder of how times are changing.”

The furore around the battle has attracted further investors and pushed the stock yet higher. Tesla and SpaceX CEO Elon Musk has weighed in on the topic, showing apparent support for the buyers in a tweet on Tuesday. It remains to be seen how high GameStop’s stock will rise and how long it will remain strong.

Finance Monthly hears from Stuart Lane, CEO of Trade Nation.

2020 was an extraordinary year for traders as the coronavirus spread across the globe, triggering worldwide lockdowns and restrictions and bringing unprecedented volatility to the markets. And while the effects of the pandemic are still far from over, 2021 is set to look very different. Not only do the new vaccination programmes give hope for an eventual return to normality, but we will also see how major political changes play out, such as Brexit and Joe Biden’s first year as President of the United States.

For traders hoping to get ahead of the markets in 2021, here are five key areas for them to keep their eyes on over the next twelve months.

Brexit

With Brexit now pretty much done and dusted, we may see the pound sterling continue to recover from the lows seen last March. However, the big question is whether its strength will hold back possible gains made on the FTSE 100, which has been lagging behind US indices and the German DAX — both of which recently hit record rights. The FTSE, on the other hand, is still more than 12% below the highs experienced in early 2020.

It’s commonly believed that sterling strength weighs heavily on the FTSE due to the fact the majority of the index’s constituents export goods abroad. The higher the value of sterling, the more these goods cost foreign importers, which in turn means less are sold.

Biden Presidency

On the first full trading day of 2021, all five of the major US tech giants (Alphabet, Apple, Amazon, Facebook and Microsoft) — which have effectively driven the extraordinary rally in the US stock indices since the pandemic lows of last March — were down 1.8-2.2%. This is because it looked like the Democrats were about to win control of the Senate, giving the party a clean sweep: Presidency, Senate and House.

As it turned out, the Democrats did win those two vital Senate seats in Georgia. For now, the Republicans have no majority anymore. It also means that Vice President Kamala Harris has the deciding vote whenever there’s a 50:50 Senate split. The Democrats now have the clean sweep they were hoping for, making them much more likely to pursue a radical programme of high spending reforms. This has gone down well with investors who have already rushed to buy stocks, pushing all the major US indices to fresh record highs.

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The Future of Retail

The high street changed beyond recognition in 2020, although it’s well-known that the move away from bricks and mortar to eCommerce was already well-advanced. Now, old-style department stores which were once the foundation of every mid-sized town shopping centre look unlikely to survive. Therefore, a strong online presence is vital for retailers. There will be considerable pressure on the UK government to get involved and save the high street. But will this mean a shake-up on things like business rates and rents, or a lazier approach that simply involved dishing out temporary relief?

As we have seen from early reports on holiday-period spending, food retailers continue to perform well, as do online retailers. But following a boost to high streets in early December, footfall collapsed before Christmas as fresh COVID-19 restrictions were brought in. It’s now reported to be down by 43% in 2020 compared to the previous year. The big question is whether this misfortune will reverse once restrictions are lifted, or will the hope offered by vaccination programmes come too late to save many of our high street favourites?

Technology

When it comes to technology, perhaps the most exciting thing for traders to follow are the advances in medical tech. The mRNA vaccines are a massive development; a new method of vaccine production that will help bring fresh vaccines to market much faster than was previously possible. Also, mRNA vaccines can be adapted quickly and cheaply to address new virus variants, thereby opening up the prospect of vaccines for previously untreatable conditions too.

Elsewhere in tech, Tesla’s stock price soared to a fresh record high in the first week of 2021, making founder Elon Musk the richest person on the planet — overtaking Amazon owner Jeff Bezos. Many analysts continue to insist that Tesla, along with Bitcoin, is in an unsustainable bubble, and one day all those paper-millionaire investors will wake up broke. But for now, the owners of Tesla shares and Bitcoin are laughing the loudest.

‘Ethical’ Stocks

Ethical investment could be one of the biggest buzz areas in 2021. The sector has matured to a great extent, so ethical investment no longer means merely pruning portfolios of defence, tobacco, oil, and mining stocks. Now, there is a large and expanding ‘green’ industry to consider. Last year the UK saw more than $4 billion put into funds claiming to focus on ESG — environmental, social and governance investing. However, not all funds are the same, and careful diligence must be taken to separate those with a genuine will to manage their businesses ethically, and the bandwagon jumpers.

We are already seeing a rise in ethically questionable investments too, water being the most notable. CME Group has recently started offering water futures, and this is also relevant to farmland which is a very big consideration in the US. In fact, these are both areas in which Michael Burry (of The Big Short fame) is now heavily invested. Will more traders now be tempted to follow his lead? Only time will tell.

Online fashion retailer Boohoo has acquired Debenhams in a £55 million partial rescue deal that will see the closure of the UK department store chain’s remaining physical outlets.

An excess of 118 stores and the jobs attached to them remain at risk. An estimated 12,000 jobs at the 242-year-old chain are believed to be in the balance.

“The group will only be acquiring the brands and associated intellectual property rights,” Boohoo said in a statement. “The transaction does not include Debenhams’ retail stores, stock or any financial services.”

Debenhams is already in the process of closing down after administrators failed to secure a rescue deal for the business. Brand owner, Sir Philip Green’s Arcadia Group, fell into administration last year, putting 13,000 jobs at risk.

A closing-down sale across the 124-store Debenhams chain began in December. It was recently announced that six of these shops, including the brand’s flagship department store on London’s Oxford Street, would not reopen after lockdown. The remainder will be wound down once they are in a position to reopen.

Though traditional retail sales are in decline across the UK and suffered greater damage during the outbreak of the COVID-19 pandemic, eCommerce has emerged to fill some of the consumer void. Debenhams made roughly £400 million in online revenues in its most recent financial year to 31 August 2020, and Boohoo estimates that its website receives 300 million visits a year.

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Boohoo CEO John Lyttle said Debenhams will operate as a digital “shop window” for Boohoo’s brands, such as Pretty Little Thing, and third-party retailers. There will likely also be “an opportunity to launch the marketplace in international markets over time.”

Retail sales volumes in the UK saw a historically tepid rise over the Christmas period despite the easing of November lockdown restrictions on 2 December.

New data published on Friday by the Office for National Statistics (ONS) showed that retail sales rose by just 0.3% in December from the previous month, far below economists’ expected gains of 1.2%. Overall, retail sales fell 0.4% in Q4 from the previous quarter.

The figures show that UK retail sales experienced their largest annual fall in history last year, slumping 1.9% overall. Clothing stores were hit the hardest, with a 25.1% sales drop, followed by sales at petrol stations, “other stores” and department stores, which fell 22.2%, 11.6% and 5.2% respectively.

“During December, there was initially a period of eased restrictions early in the month, however, there followed a number of tighter restrictions to non-essential retail in England, Scotland and Wales later in the month,” the ONS noted in its release as a factor that affected retail turnover.

“Despite the monthly recovery, sales in the sector are still 14.2% lower than December 2019 and continue to remain at a lower level than before the pandemic struck.”

Despite the grim outlook for retailers, the ONS also noted that online sales grew by 46.1% during 2020 – the sharpest annual growth the sector has seen since 2008.

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The pound was trading 0.5% lower against the dollar at $1.366 and 0.4% lower against the euro at €1.124 on Friday morning as the ONS’s figures were released. This shift comes on the back of dashed hopes for an early exit from lockdown, as ministers’ comments indicated that nationwide lockdown measures could last beyond spring.

Prime Minister Boris Johnson said it was “too early to say” when restrictions would be eased, refusing to rule out measures continuing into the summer.

Shane Neagle offers Finance Monthly a rundown of the opportunities investors should be exploring in 2021.

2020 has been a wild ride for investors. The coronavirus pandemic and subsequent lockdowns spooked many investors, causing a selling spree that peaked on 16 March . Dubbed “Black Monday III,” 16 March saw global markets decline 12-13%. Nervous investors can hardly be blamed for overreacting, however, when you consider that many across the country were stockpiling toilet paper and canned goods in preparation for the pandemic.

Thankfully, it wasn’t long before the market turned bullish again and stocks began skyrocketing back to their normal levels — or higher. Savvy investors who bought stocks, bonds and commodities during the dip yielded massive returns in almost every sector. 

Although we can’t replicate the amazing buying opportunity 2020 presented, we can look forward to other investments that will yield similar returns. Hopefully, 2021 will see the global economy head further into recovery and present unique buying opportunities of its own. 

In this article, we will discuss five of the best investment opportunities for 2021. 

Five Great Investment Opportunities in 2021

2020 was a unique year in that it brought investment opportunities outside the arena of traditional finance. Online trading became popularised and democratised through easy to use investment apps. For example, the aptly named Robinhood soared in popularity by enabling anyone to trade in the stock market — with a mere smartphone and bank account.

2020 was a unique year in that it brought investment opportunities outside the arena of traditional finance.

The rise of cryptocurrency, an enthusiastic topic among the tech-savvy and millennials, meant that financial opportunities presented themselves to those who might not normally have been interested in investing. 

Perhaps indicative of new market-disrupting trends and the waning power of conventional wisdom, many investment gurus were proven wrong about their predictions in 2020. For example, Warren Buffet, the “Oracle of Omaha,” advised investors to dump airline stocks in one of the worst pieces of advice given to investors this year.

There’s no point rehashing 2020, however. Every good investor knows that profit is made only by looking forward. So, without further ado, here are our top 5 investment opportunities for 2021. 

1. Retailers

Location-based retailers were hit hard by the pandemic, specifically those that hadn’t invested in an eCommerce platform. It’s easy to assume that most people will resume their online shopping habits even after the pandemic, especially when you consider the convenience of doing so. Business owners recognise this, which is why 74% of all organisations are actively involved in digitally transforming their businesses. That includes many brick-and-mortar retailers who are taking their stores online. 

However, there are many purchases that must be seen before being bought. The increased use of vanity sizing and misleading eCommerce photos mean that many consumers won’t purchase clothes without trying them on first. Products like perfume and cosmetics are difficult to choose online. Investing in Nordstrom, Macy’s and similar companies can yield sizable returns. 

Investing in stocks like Simon Property or other companies that hold retail spaces are another potential win. These investments are a little more stable when you consider that the companies actually own the real estate which the retail stores rent, which in the case of massive shutdowns of retail stores can be converted to another profitable use.

Investing in stocks like Simon Property or other companies that hold retail spaces are another potential win.

Home improvement retailers are also steadily on the incline, so buying early in 2021 is well-advised. As more people find themselves at home, interest in home renovations is at a record high. Stocks like Lowe’s or Home Depot are in this category. 

2. Clean energy stocks

As the US prepares to enter a Biden presidency, it’s a sure bet that clean energy will be a focus of his administration. Investing in clean energy stocks or at least keeping abreast of American government developments in eco-friendly policies is a must for 2021.

The movement towards clean energy is a long-term focus for many governments and organisations around the globe. Due to the longevity behind it — and the sector’s significant impact — clean energy is a great candidate for those who favour passive stock investing.

The electric car mandate that was passed in California, which required that all vehicles sold in 15 years be emission free, is a harbinger of more to come. The United Kingdom recently approved a £40 billion investment in green energy. Consider adding energy stocks that offer above average dividends to help your portfolio balance out long-term stocks that might take longer to recovery. 

3. Healthcare stocks (not involved in vaccine research)

A lot of investors looked to healthcare companies working on a vaccine during the pandemic for huge gains. However, many people neglected to consider the healthcare companies that were negatively affected by the pandemic and might yield large returns once a vaccine is rolled out. 

Nearly half of all Americans had medical care delayed due to the pandemic. Pharma and life science companies that are focused on cures and treatments for diseases were put on the back burner as many investors sought out companies like Moderna and Pfizer.

Many people neglected to consider the healthcare companies that were negatively affected by the pandemic and might yield large returns once a vaccine is rolled out. 

Companies that will benefit from an increase in elective surgeries are good investments for 2021. As hospitals have more room for patients other than those infected by COVID-19, there will be a need for different medical supplies and treatments for different ailments. Consider Intuitive Surgical, ARK Genomic Revolution or Danaher for your stock portfolio. 

4 - Bitcoin/cryptocurrency

This year, the Fed printed money at levels never seen before, which will lead to global inflation in the coming years. Investors who are interested in finding a way to store their money without losing its value would do well to look into cryptocurrency, which relies on cryptography to encrypt financial transactions. 

It’s largely for this reason that cryptocurrencies such as Bitcoin are an appealing investment option to so many people. In January of this year, Bitcoin was worth $7,000. As we end the year in December, Bitcoin is now worth a whopping $23,000 — a 228% increase in price.

Bitcoin shows no signs of slowing down in the future. According to Guggenheim’s Scott Minerd, Bitcoin should be worth closer to $400,000 due to its scarcity, the security of blockchain technology and its relative valuation. While you can never really know when it comes to emerging asset classes like cryptocurrencies, the fact that Bitcoin is getting institutional attention certainly says something. To take this a step further, whenever Bitcoin rises, it can act like a magnet — bringing other cryptocurrencies up with it.

5 - Travel Industry

Travel companies like airlines and hotels have no doubt been the hardest hit by the coronavirus pandemic. This presented excellent buying opportunities in 2020 which will continue into 2021. 

Investing in travel companies must be part of a long-term strategy, however. Many experts predict that it will take a few years before the travel industry fully recovers. This isn’t necessarily because people won’t want to continue travelling after being vaccinated. Many businesses that were hard hit by the pandemic will cut back on corporate travel, which is the leading driver of travel in most countries.

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Conclusion

As we head towards the end of an unpredictable year, it’s hard to think about what may still lay around the corner. However, as every good investor knows, it’s important to be ahead of the curve in order to recognise good deals and investment opportunities when they come. 2021 will see the continued recovery of the global economy and will present many great investment opportunities for those who stay focused and informed.

More than 30 countries have imposed travel bans on the UK after a new strain of COVID-19 – which may be as much as 70% more infectious than the original strain – was detected in the country. Nations closing their borders include France, Germany, Italy, the Netherlands, Austria, Belgium and Israel.

Some of the travel bans imposed on the UK will last for 48 hours as leaders formulate plans to contain the spread of the mutant COVID-19 strain, while others are set to last until the end of January.

The news has caused immense disruption to accompanied UK freight, with the immediate future uncertain for the 10,000 lorries that pass through Dover each day. British supermarket group Sainsbury’s warned on Monday of fresh produce shortages if transport between the UK and Europe is not quickly restored.

The FTSE 100, London’s blue-chip index, fell as much as 2% on the open with British Airways owner International Airlines Group and Rolls-Royce down 16% and 9% respectively. As much as £33 billion was wiped out from the index’s shares.

Germany’s DAX fell 2.3%, France’s CAC 40 fell 2.4%, and the pan-European Stoxx 600 fell 1.8%, with travel and leisure stocks taking the brunt of the sell-off.

While the FTSE’s losses fell to 1.1% by the end of the first hour of trading, the impact on sterling was more extreme. The pound, which last week reached a two-year high, plunged as much as 2% to $1.3259 and 1.6% to €1.0864.

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The impact on the pound was aggravated by continued uncertainty as to whether the UK will secure a Brexit deal ahead of the end-of-year deadline, after which existing trade stopgaps with the EU will no longer remain in effect.

A surge of freight volumes has caused gridlock in UK ports, and the government has been warned by port operators that further disruption could be on the way once new Brexit checks come into force.

Felixstowe, the UK’s biggest deep-sea port that handles 40% of the country’s container trade, has been handling around 30% more goods than usual as businesses have rushed to replenish stock after the end of the recent England-wide lockdown and ahead of the final days of the Brexit transition period. The disruption has also been felt in other major ports including Southampton and London Gateway, impacting several industries.

Shortages of essential products like washing machines and fridges have been reported by several high street retail chains. Builders are also running short on tools and supplies, with Builders Merchants Federation CEO John Newcomb describing the ports as a “major issue” for members.

“There appears to be an increasing issue getting products through ports,” Newcomb said. “Rather than taking a maximum of one week to unload, it is taking up to four.”

Elsewhere, Honda was forced to close its 370-acre factory in Swindon – its largest plant in Europe – which operates a “just in time” manufacturing supply chain. As the punctual arrival of goods is essential to the continuity of its production line, congestion at ports left the factory unable to function.

From 1 January, UK exporters and lorries will be subject to new checks on agricultural and animal products at EU ports, which logistics industry heads fear will disrupt mainland imports. Equally concerning are the health and safety checks that the UK plans to impose on EU imports, including food, potentially causing shortages.

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In a letter to cabinet office minister Michael Gove in November, British Ports Association CEO Richard Ballantyne warned of a “severe impact” on trade and essential supplies.

“Some ports are being told by customers that these volumes of interventions could ‘kill off’ particular trades,” Ballantyne wrote, raising fresh-cut flowers and salad and meat supplies for supermarkets as some of the most at-risk areas.

In a statement on Monday, Frasers Group – owned by retail tycoon Mike Ashley – confirmed that it is in talks with Debenhams’ administrators regarding a possible rescue bid for its UK operations.

The 242-year-old UK department store chain entered administration in April and has since been exploring avenues for rescue. As recently as the end of November, JD Sports had been closing in on a deal to purchase the struggling retailer. But following the collapse of Philip Green’s Arcadia – Debenhams’ biggest concession operator – JD Sports pulled out of talks at the beginning of December, forcing the company to prepare to wind down its business.

Mike Ashley had already made an offer for Debenhams shortly after it entered administration in April, but his £125 million bid was rejected as too low, and JD Sports was left as the sole bidder.

Frasers Group said in its Monday statement that, while it hopes that a rescue can be pulled off, “time is short and the position is further complicated by the recent administration of the Arcadia Group, Debenhams' biggest concession holder.”

“There is no certainty that any transaction will take place, particularly if discussions cannot be concluded swiftly,” it said.

While Frasers Group did not offer details of its potential offer, the Sunday Times speculated that the bid could value the chain at up to £200 million.

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Debenhams currently operates 444 stores in the UK and 22 overseas and employs around 13,000 people, 9,294 of whom are currently on furlough. These stores are continuing to operate as the company winds down its business, with the aim of closing once stocks are cleared.

Frasers Group shares fell 2% in early Monday trading following its announcement.

Three of the UK’s largest supermarkets have committed to paying back hundreds of millions of pounds’ worth of savings made under a tax break for firms struck by the COVID-19 pandemic.

On Wednesday, Tesco was the first to announce that it would repay the UK government for £585 million in savings made under the business rate holiday following a unanimous decision by its board. “We are financially strong enough to be able to return this to the public, and we are conscious of our responsibilities to society,” said John Allan, Tesco’s chairman.

Tesco also defended its decision to take the government handout in the first place, which it described as a “game-changer” for their continued business during the pandemic.

Sainsbury’s and Morrisons followed suit on Thursday, declaring that they would hand back around £440 million and £274 million respectively. Like Tesco, they lauded the effectiveness of the government’s tax break in enabling them to operate through the pandemic; Morrisons CEO David Potts said that the measure had “enabled the whole sector to face squarely into the challenges and disruption caused by COVID-19.”

The UK government introduced the temporary tax cut in April, which was designed to cover retail, hospitality, nurseries and leisure in England. Similar measures were introduced soon afterwards for the rest of the UK.

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Supermarkets received public backlash for accepting the relief, as they were classed as “essential retail” and were therefore able to remain open during the worst periods of the pandemic, unlike many other firms that received support. Further criticism was levied against supermarkets for continuing to profit off sales of non-essential products, with Tales and Sainsbury’s also coming under fire for paying out dividends to shareholders.

High street fashion chain Bonmarché has entered administration, following on the heels of Arcadia and Debenhams on Monday and Tuesday. The chain operates 225 stores in the UK and employs around 1,500 staff.

Administrators said that the shops would continue to trade until further notice, adding that no redundancies or closures have yet been scheduled as the business looks for a buyer.

“Bonmarché remains an attractive brand with a loyal customer base,” said joint administrator Damian Webb of RSM Restructuring Advisory LLP, which was appointed on 30 November. “It is our intention to continue to trade whilst working closely with management to explore the options for the business.”

This marks the second time in a year that Bonmarché has entered administration, the first having come in October 2019. The chain was owned by retail tycoon Philip Day, whose other chains – Edinburgh Woollen Mill, Peacocks and Pondem Home stores – also collapsed into administration in early November.

Around 70,000 British retail jobs have been lost so far this year, according to the Centre for Economic and Business Research, and around 15,800 stores have closed. A good deal of this has been sparked by the COVID-19 pandemic and lockdown measures reducing customer footfall in city centres; the British Retail Consortium estimates that the month-long lockdown in England from 2 November to 2 December cost businesses around £2 billion in lost sales.

In Bonmarché’s case, however, troubles began before the global health crisis erupted. Its declining profitability has been linked to rising business rates and a general consumer shift towards online shopping.