coming up, we will look at retail america with oliver chen from cowan.berg. ♪ ♪ morning, everyone, bloomberg "surveillance." thank you for being with us from your homes, tv out on the terminal. we greatly appreciate your attendance in this crisis. he charm of oliver chen, lives the spirit of retail and the in-store experience. he is great at walking into a store and sizing it up differently than the way i would size it up. acclaimed moment when oliver chen went down to soho and walked into glossy a -- and said, this is going to be a big deal. the headlines of the last 24 hours are not surprising. it is furloughs. let me ask the basic question. do those people get to go back to work at some point? .liver: we hope so the point of the furlough is to keep people on staff but take a pause because liquidity is a problem. for department stores, we think they have five to eight months of closures before it becomes serious. the big question is what the pace of recovery will be. l.lett bv, you, or u, or l.it be v, for the threeood major players? i know everyt

the group is down about 15% from its recent highs oliver chen is managing director at cowen, what would you say about the shortages and throngs of people at places like costco. what impact will that have >> we're looking at one to two points of traffic, as we think about the situation, stocks that we like for the long term include walmart, including kostka, and planet fitness on the pull back. so there's great franchises. as customers prepared and then with this -- people are stocking up on essentials, food, health care items >> just yesterday my neighbors went to the mall just to go to bath & body works. anecdotally you can't get baby wipes anywhere, planet fitness you think would benefit? wouldn't people stay away from a gym? >> it's pulled back over 20% that is being said, this is an evolving situation that will not necessarily persist for a long time planet fitness has a long global growth opportunity, high-value proposition being a gym membership around $10. we like the business model as it is it's a different idea, but we're trying to give investors advice and great franchises tha