then there is the danger of saks fifth avenue.hhen sadove saks fifth avenue as you would go down there wide, glorious escalators and there would be a turning to the next escalator where steve sadove would get you to buy more stuff when you see what is on the floor. for many, he has invented modern saks fifthling at avenue and for the retail federation as well. the romance was great, saks fifth avenue, and all of your competitors. is it done? it isn: i don't know if done but it is certainly changing, and a different world for luxury and all retail. occurring that were before the pandemic are acceleration -- accelerating, and you will see more consolidations and bankruptcy, but you will see some survive. there is still the opportunity to thrive in this environment. tom: how will retail amend, given the new rules? stephen: they will have to look at what they offer, the experience they offered to the consumer. the consumer has clearly moved to an omni-channel world and may not want to go into the store at the same time as other people

now it could be again it does make sense because saks that they do have cash on hand and do have the buying power in our brand such as j. crew the problem is given the fact that everybody has kind of rained and spending and we don't expect a quick we found in consumer goods any time soon especially in the luxury level then playing cash right now for an acquisition of a decently summiteers sized name brand like j. crew is but it's not. necessary and at a time like this i think for access i think they are more in survival mode so i think the best course for them is to actually whores that cash and make it last as long as possible because we all saw what happened to barney and now you had neiman marcus so now it's like whoever can outlast the next the next retailer wins essentially so it was a merger if that was merging with the like and equally have to weaker balanchine merging to become a strong balance sheet this works but right now back to be deploying valuable cash resources to acquire a smaller segment that really isn't worth their time or effort what about macy's where do you see

so you have to weaker balanchine merging to become a strong balance sheet this works but right now saks would be deploying valuable cash resources to acquire a smaller segment that really isn't worth their time or effort what about macy's where do you see that them going i mean they've they've closed a lot of stores even before the crisis started. macy's has naysayers equity value is primarily dividing derives from their real estate value so many while many analysts do see that macy's is undervalued given their real estate it's kind of hard to put the finger on because macy's has been known to have declining year years same store sales and they haven't expanded at all so private equity buyers they have a major overhaul plan in store for macy's but that remains to be seen because they tried to do the same thing with barney's and we also that that did not work especially when you have so many locations like neiman marcus flagship store that opened here the hudson yards in manhattan i mean that was that was that new and clearly not well but i want to turn to you turning over to the fed and

crew also declaring bankruptcy and now there's some talk that saks 5th avenue could be a potential buyer of the luxury retailer neiman marcus are we going to see some possible mergers here especially when it comes to these luxury brands. there could be and it does make sense because fact that that they do have cash on hand and do have the buying power in order to our brand such as j. crew but the problem is given the fact that everybody has kind of rained and and they and we don't expect a quick we found in consumer goods any time soon especially in the luxury level then playing cash right now for an acquisition of a decently summiteers name brand like j. crew is reasonable but it's not necessary and at a time like this i think for that i think they are more in survival mode so i think the best course for them is to actually hoard that cash and make it last as long as possible because we all saw what happened to barney's and now you had neiman marcus so now it's like whoever can outlast. the next the next retailer wins essentially so it was a merger merging with a like an equal so you ha

on post street, saks fifth avenue store, we have video of it being looted. witnesses say there were hundreds of people on the street last night. roughly 20 to 30 stores vandalized from market street to powell street to geary and post. it was a night of peaceful protests, is which descended into violence, according to the mayor. the mayor said she understands anger and frustration over the death of george floyd but violence in the city of san francisco won't be tolerated. >> this is the last thing that i want to do as mayor. i want peace. i want protests. but i don't want the kinds of violence and crime we see playing itself across the streets of our city to continue. >> she's instituted a curfew, which begins at 8:00 tonight. as you can imagine, people who live near union square were certainly concerned. police officer going by us right now. obviously concerned and a little bit frightened about what they were hearing and what they were seeing. angela is one of those people. angela, you want to stand right here for us. angela, you live near union square. what

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i think the high-end retailer like neiman marcus, saks fifth avenue and others like it, there has beenessure and you are seeing more direct to consumer for the luxury brand, but i think those brands will hold up well. feldman, thank you so much here is ritika gupta. ritika: the trump administration cut royalty payments for utah,rs on the land in paying as little as 2.5% of the value of the natural gas and oil they extract. it is designed to help oil producers survive during the crisis. president trump says it is a badge of honor the u.s. has 1.5 million cases of the coronavirus, saying it is a result of the testing regime. behind germany. drivers into the u.s. dutch in the u.s. are turning private -- in the u.s. are turning private roads into their racetrack. americans actually drove 19 percent fewer miles. california highway patrol says the number of tickets issued driving over 100 miles an hour has almost doubled. india and bangladesh are bracing for the biggest cyclone in almost two decades. it is the equivalent of a category three hurricane with winds up to 112 miles per hour. glob

iraq's army says 3 policemen have been killed and 2 others have been injured after i saw fighters at saks a police station in the city of baquba the vehicle of a top commander was targeted in a separate city where one soldier died and at least 10 members of an iraqi power melcher group were killed in separate attacks those are the headlines these continues here on al-jazeera after inside story goodbye. tracking the pandemic that are not some governments want to use small phones as tools to contain the spread of corona virus critics are worried about the risk to previously and security so how should we manage these concerns this is inside still . hello welcome to the program i'm been it's to try and stay ahead of coronavirus governments all over the world a look.

he is a really interesting guy, with a history of saks fifth avenue.e are thrilled to catch up with him. the future of department stores. we will do that in the next hour. stay with us. this is bloomberg. ♪ ritika: this is bloomberg surveillance. let's get the bloomberg business flash. france says it is unacceptable that sanofi would give the u.s. priority if it developed to the coronavirus vaccine. the ceo told bloomberg the u.s. will likely be the first in line because the country was the first to fund sanofi's research. sa bloomber has learned that airbu is preparing for a job cuts. cap has warned labor units that labor unions sayed needs to rein in production. the number of jobs to be cut has not been decided. the coronavirus outbreak -- that is the bloomberg business flash. francine: thank you so much. this is what the markets are doing. they are waiting for an implement figures, and the u.s. will give a sense of where the economy is going and how much damage we have seen out there. also coming up on the open, fiscal chief executive chuck robbins.

the only thing we really have to judge on right now -- saks fifth avenue opened in houston.n antonio, they had a good turnout of business. the brands are starting to open. they specialty store retailers like a webster of miami has a store. so we are watching what is happening in texas very closely. theink, what will be long-term effect, for the big luxury brands, they will probably be reducing their wholesale business with department stores over time. that was already a trend we were seeing, that the bigger luxury brands wanted to control the direct to consumer experience, either on their own website or in their stores. i believe this will only speed up. scarlet: we know that we are no longer spending money on traveling, dining out. we buy groceries, home office equipment, and furniture for our homes. do you think that luxury goods theanies start to rethink consumers they target, thinking of traditional goods when it comes to m&a? robert: i think at the end of the day, they will go to where they are comfortable. we have not been able to have a real barometer on what luxury a

they say big retailers like saks fifth avenue, anthropology and urban outfitters getting ready to reopen monday to offer curbside pickup. in san francisco, abc 7 news. >>> most san francisco restaurant owners say takeout and delivery is not profitable business. the golden gate restaurant association surveyed the owners of 419 restaurants in the city. and 73% said they are open for takeout and delivery. but 60% said they were losing money. and only 1% say they were doing as well now as they were before the pandemic. most said they had laid off at least half of their employees. nearly 60% said they had received emergency federal loans. >>> one bay area restaurant is closing all 50 locations after 33 years in business. pleasanton-based specialty cafe and bakery says covid-19 and the shelter in place orders have decimated revenues. it's cafeswere popular in the san francisco financial district and downtown oakland with homemade sandwiches and extra large cookies to the launch crowd. the last day of operations will be this coming tuesday. >>> tesla is telling its employees that it now has app

steve joins us now, the former ceo of saks. i've been here for two hours and barely talked ab about jc penney it's interesting that icon of american retail can be filing for bankruptcy and yet it doesn't seem to be making a huge impact do you think more could be coming >> i think you'll see a number of bankruptcy from specialty retailers. you've seen niemann's. you'll see jc penney a lot more are comeing down the path the real issue is in restructuring, you're xwoipg to close store, fix the balance sheet, get rid of debt but the real issue is whether or not you have a long-term franchise is the consumer there for a jc penney is the niemann marcus business model sustainable? the reality is that retail is very tough right now for the discretionary items. until consumers feel safe, financially secure, it's going to be hard for them to be in halls and anything that's mall based in an interior setting is going to be difficult. what we're looking at is going to be the off price retailers, outside malls, that's where and b obviously t

looters got into saks fifth avenue in union square. police arrived to confront them.t one person was seen on video throwing something at an officer. there appears to have been a board of a window that was torn down. as we mentioned earlier, a curfew will be in effect in san francisco beginning at 8:00 tomorrow night. mayor london breed said, "the city and the police will support peaceful protests as we did all day today. we cannot tolerate violence and vandalism. now is the time to go home." >>> well, today's launch of the spacex dragon capsule from kennedy space center marks the first time astronauts have launched from u.s. soil in nearly a decade. it was also an historic moment for spacex, which became the first private corporation to launch people into orbit. abc news reporter megan tevrizian has the story. >> dragon spacex go for launch. >> reporter: this afternoon it's mission countdown. >> 15 seconds. >> reporter: spacex making a second attempt this week to make history. >> lift-off as the falcon 9 and crew, go dragon, go spacex. >> reporter: launching its drago

came back to the states in sak and had a good time and i say i grew up in the service because from langstone i went to it institute of technology for two years and got a b.s. in electrical engineering. i went to japan made maintenance supervisor. and my wing commander was that same officer who pulled me off the airplane in okinawa. he was now my wing commander. it was the best three years of my career. i loved working for him the second time. love to see people change and whatnot. but i would stay with him forever, but the institute of technology let me know there's a new graduate level program they were going to put into effect and they were going to do it right away. and they didn't have time to advertise for it, so they went back to prior graduates and my name came up and they offered me a chance to go to greg paton. and i went there for 16 months and ended up with a masters in systems engineering. reliability was a new field they came out, and i ended up with a masters degree in that. so i grew up in the service. from there i got a job at the air force base and i made lieutenant colonel

kron 4 sarah sak explains we could see city space use for more than just outdoor dining. so taylor what rds ideas are in store. >>well can first concert and event venues will be the last to reopen according to the governor's reopening road map so for them to even make it a point of course they need other ways to operate in some of the ideas that around were for those nightlife venues to use outdoor spaces city other spaces like parks for to host outdoor shows and concerts while their indoor spaces remain closed or at a cut capacity. >>the stoning canceling scheduling rescheduling re rescheduling basically just hoping that someday we have some idea when we're going to be allowed to reopen lynn schwartz is a part owner of a san francisco rock venue called bottom of the hill which normally holds up to 250 people. >>while the coronavirus forced them to shut down twitter says it will be tough to continue business. even when they reopen and a cut capacity we ran into mitt nightclub which unfortunately in 2 men these days is not good so. >>even 25% or 50% capacity when we're all

died in police custody in minneapolis but says the violence like you see here, which is happening at saks fifth avenue in union square in san francisco, that is not the answer. >> what can we do now? how do we come together? how do we mobilize? how do we change things form the better? because i know people are sick and tired of being sick and tired. i'm sick and tired of being sick and tired. >> mayor breed pointed out a protest outside city hall yesterday was quite peaceful. she says the city will continue to allow peaceful protests. >>> san francisco police chief bill scott also addressed the community last night. take a listen. >> as an african-american man and as the chief of police, i can relate to what people are feeling. i can relate to it. for the officers that are out there working their behinds off to do a job right now in the most difficult times, in most of their careers, if not our life time, i can relate to that, too. >> chief scott says he understands people feel the need to get out and express themselves and he says officers will do their best to protect peaceful demonstra

>>but neighbors there say this become a major health concern kron 4 sarah sak explains. >>more and more homeless people have accumulated here. and you know they're very aggressive. in fact now if i go to a safe way. it just that short distance side right because i'm terrified to war and they're all sprawl over the sidewalk there not 6 feet apart. >>their home meeting with each other all the time since the march shelter-in-place order san francisco neighbors on northpoint street se. >>more people have set up tents behind the marina safeway raising health and safety concerns for neighbors and those living on the street. >>it's a health issue and especially now with this covid-19 parent, your neck. it's even more of a health issue. i'm just wondering what's going on at at city hall that they are doing something about this because we keep hearing about spending. you know large sums of money on hotel rooms for these people. >>back in april san francisco failed to secure more than a 1000 hotel rooms for the homeless to self isolate during the pandemic for the nearly 3,000 room

unarmed black man who died in police custody in minneapolis but says the violence like you see here at saks fifth avenue in union square in san francisco, that is not the answer. >> what can we do now? how do we come together? how do we mobilize? how do we change things for the better? because i know people are sick and tired of being sick and tired. i'm sick and tired of being sick and tired. >> mayor breed pointed out a protest outside city hall yesterday was peaceful. she says the city will continue to allow peaceful protests. >>> san francisco police chief bill scott also addressed the community last night. take a listen. >> as an african-american man and as the chief of police, i can relate to what people are feeling. i can relate to it. for the officers that are out there working their behinds off to do a job right now in the most difficult times, in most of their careers, if not our life time, i can relate to that, too. >> chief scott says he understands people feel the need to get out and express themselves and he says officers will do their best to protect peaceful demonstrators, a

because not only do you have the lights from saks, which is a full on laser show that's insane, coming then the bells from the salvation army >> seth: salvation, yeah and there's nothing worse than looking irritated at someone who's raising money for charity. [ laughter ] >> i have no problem with it >> seth: oh, you're fine with it >> i don't have a problem with it >> seth: this is nice, because now it's just the rink is like, all that's left. >> yes, but then election night, nbc goes crazy, and then they do the spotlights >> seth: do the lights again, and you feel like you're under attack i want to ask you one last thing, because sometimes when i watch your show, you will have a housewife and a celebrity. >> yes >> seth: sort of an a-list celebrity, even. >> yes >> seth: who is more excited are the celebs equally excited to meet the housewives >> usually the celebrities are more excited [ light laughter ] because the housewives are like, "oh, my god, i have someone new to tell my stuff to. [ laughter ] you know once, sarah jessica parker was in the audience once, and ramona was on i

and saks haveman been looking like starcrossed lovers. there's only room for one big luxury player. come out of bankruptcy, faltering, and having to liquidate. i am glad you brought that up. what kind of liquidation can we expect? can you help me track it to the commercial mortgage debt market? gerald: they are trying to stay alive. the history and retail was very poor for this, so the creditors don't like what they are seeing. they will push them to liquidate, and when they liquidate, they will try to sell inventory to generate that. many did, we know that not pay rent in march. in april, didy not pay rent. so there are behind-the-scenes to negotiate all these things, this problem becoming uncontrollable. i think they have done a pretty good job of that. so i don't think the immediate problem is that. it is the longer-term problem, the long-term - problem, that many of these stores will closed. there will be a lot of pboc his -- a lot of empty boxes. much will still be way too retail real estate out there, and you're going to have to see some big problems as a consequent. -- as a c

martin, formerly of saks and the food retail side we did a webinar yesterday for international councilhopping centers, the food retail with people eating at home instead of away from home really can catalyze renaissance, dillard's and macy's and there's a great opportunity to sell hard goods and soft goods to save the malls and save the shopping centers anchored primarily by food and moving more food retailers into the mall the way jim taylor, jr. did with sprouts in new jersey. maria: yeah, well, j. crew also filing for bankruptcy this week, dagen mcdowell, jump in here. what i really, what struck me what we had ross perot, jr., online retail, online buy asking representing 18% of the overall economy. all that has to go to 20% or 22% and he's going to need additional 1 million square footage to put in things like an amazon redistribution center in a mall. so all of the brick and mortar are getting overrun by online and the need for space for redistribution centers, dagen, that's the bifurcation going on. dagen: and i expect amazon to pay a lot less in rent than some of the traditional

nieman marcus creditor calls for deal with saks fifth avenue, big holder of debt.onavirus relief with 30 million-dollar clothing donation. dagen, those are your headlines. dagen: thank you, cheryl. the race for vaccine, white house task force dr. anthony fauci striking optimistic tone as the nation fights the spread of covid-19. during senate hearing yesterday, dr. fauci said that the u.s. has a shot at more than one vaccine as early as this fall. >> we are now in phase 1 clinical trial with two doses already fully enrolled. they'll be safety, phase one will directly go to 2, 3 in late spring and early summer and if we are successful, we hope to know that in the late fall and early winter. there are some important issues, however, in covid-19 vaccine development. we have many candidates and hope to have multiple winners, in other words multiple shots on goal. dagen: joining us now family medicine dr. mikhail varshavski, aka, dr. mike. what did you make of what dr. fauci was saying yesterday? mike: good morning, dagen, i think dr. fauci speaks confidentfully and and

saks fifth avenue will take clothing out of commission for 48 hours after being tried on.quarantine apparel for 24 hours. urban outfitters and target banning fitting rooms entirely. changes at nordstrom include fewer fitting rooms, plexiglass dividers at cash registers and no cash allowed. i hadn't thought about the clothing part of this. you try on clothes, stores will have them quarantined before anyone else can try them on. >> it's interesting, maria. look, i love clothes. so i have been thinking when can that part of my life go back to normal and i have to say that you need to have some of these things to get people back buying discretionary goods and maybe these efforts make people feel safe enough that they actually do what we call revenge spending, in china, where you have pent-up demand and people overspend. creativity is necessary here, especially for bricks and mortar. maria: here's a buzzy story, meet the newest addition to the elon musk family. the technology billionaire and musician grimes had their first baby together and the world is a bit confused by the ba

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