This is the exchanges at Goldman Sachs, where we discuss developments currently shape the market, industries, and the global economy. I'm Jake Stewart, head of corporate communications here at the firm.

Retail has obviously been hard hit, very hard hit by COVID-19.

And today we're going to listen in on the discussion

about how retailers will reopen.

We'll share a recent call the COVID facts research

had with Brian Dodd,

president of the Retail Industry Leaders Association,

accompanied by Goldman Sachs's Kate McShane,

Alice Walvis, and Jenna, Gionelli, who all cover the detailed sector. The call was held on Tuesday, May 5th,

2020. Hope you find this call informative and now over to that discussion.

Good afternoon. This is Kate McShane Goldman's back,

broadlines and hardlines analyst. I enjoyed today by Alex Waldes,

Goldman's Special retail department store and

apparel and footwear, excuse me, brand analyst,

Kim Jenna Gionelli who covers retail for Goldman's high yields research team.

We are lucky to be hosting a second call today with Brian Dodge

president of the Retail Industry Leaders Association or Rila. If you joined us for the

first call we had with Brian, it took place all the way back on March 25th but we were truly in the

throes of the beginning of the COVID-19 crisis. The level of uncertainty at the time was very overwhelming and when we spoke to Brian during that period our question centered on if stores would be closed longer than two weeks.

What policies could help the retail industry in terms of stimulus, and if we could see rent concessions.

Now, almost six weeks later, we are in a very different spot where many are at least starting to think about

reopening.

...