Sales of essential goods at Target soar in March as shoppers stock up

Target is withdrawing its financial targets and suspending its $5 billion share buyback program

) said on Wednesday it saw a more than 50% rise in same-store sales so far in March for certain essential goods, joining a list of grocery chains benefiting from consumers hunkering down for an extended period due to the coronavirus outbreak.

UK’s biggest retailer Tesco said the coronavirus-led panic buying has put the company in “uncharted waters,” while Ocado, UK’s top online grocer, said on Tuesday orders currently were 10 times normal rates. The biggest global names are cautious in admitting it, but after a decade of an e-commerce induced “retail apocalypse”, the coronavirus outbreak is providing the relief that big-box supermarket operators have been hoping for.

The virus, which has infected more than 44,000 people in the United States leading to more than 500 deaths, has resulted in the closure of several businesses and raised concerns of a global recession.

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