Why Nordstrom and Other Upscale Retail Stocks Were Down on Friday

Several upscale apparel and retail companies were trading lower on Friday, on investor concerns about the prospects for premium retail following the coronavirus pandemic and a new report that J.Crew is preparing to file for bankruptcy. Urban Outfitters (NASDAQ: URBN) was down about 3.2%. All were down, along with many other retail stocks, on broad concerns about the prospects for brick-and-mortar retail as stores gradually begin to reopen in coming weeks, the prospects specifically for upscale full-price retail given the job losses of the past two months, and concerns about the growing list of retail operators that are reportedly preparing for bankruptcy filings.