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YOUR MONEY with Mark: The largest monthly decline in retail sales just occurred

Investment Advisor Mark Grywacheski tells us how how much Illinois businesses are going to struggle now that Iowa businesses are opening back up.

"U.S. retail sales tumbled 16.4% from March to April as business shutdowns caused by the coronavirus kept shoppers away, threatened stores across the country and weighed down a sinking economy," according to the Associated Press.

"The Commerce Department’s report Friday, May 15th on retail purchases showed a sector that has collapsed so quickly that sales over the past 12 months are down a crippling 21.6%."

On Friday, Iowa Governor Kim Reynolds allowed all 99 counties in the state to reopen their stores, restaurants and shopping malls. Investment Advisor Mark Grywacheski says each person has to decide what's safe for them and their family, but he thinks a lot of Illinois residents are going to head across the river to shop in Iowa over the next two weeks.

"That's going to add further strain to those retailers in the Illinois Quad Cities, as well as those retailers in the surrounding communities," Grywacheski said Monday, May 18th. 

With Illinois Governor JB Pritzker's 4-region plan, Rock Island Mayor Mike Thoms says he anticipates the northwest region of the state to go to phase three at the end of May.  Phase three reopens offices, hair salons, barber shops, etc. with capacity limits. Mayor Thoms says according to Governor Pritzker's plan, the northwest region could reach phase four, opening restaurants, child care centers, and schools in July. 

Your Money with Mark airs every Monday morning, between 5 and 5:30 a.m. during Good Morning Quad Cities.