25% of Stores In Milan Are At Risk Of Closure

The coronavirus pandemic hit the north Italy harder than expected, seizing its institutions and throwing the commercial and industrial sectors into chaos.  Particularly damaged was the city of Milan, the European epicentre of the pandemic, which as the nerve center of Italy’s national economy and Italy’s window on the continent saw its ascent halted.  Beginning with Expo 2015 and culminating with the Winter Olympics in Cortina in 2026.

According to the most recent estimates of Confcommercio, in fact, recently made public by the Secretary General Marco Barbieri, 25% of Milan’s retail companies may no longer reopen at the end of the pandemic – about 3700 companies in total.

Specifically, the textile, clothing, leather goods and accessories sectors which saw a 51.2% drop in production, making fashion the second most affected sector in the nation after the transport industry. It has aggravated the situation that Lombardy, Veneto and Emilia Romagna, which alone make up 45% of Italy’s GDP, were also the most severely affected by the pandemic.