March 7, 2020
"It's Like Scenes From A Mad Max Movie" - Americans Continue Epic Run On Costco
by Tyler Durden
ZeroHedge.com
As concerns of a Covid-19 outbreak increase across the US, Costco stores across the country are experiencing the second weekend of Americans panic buying food, water, and hand sanitizers.
We noted last weekend how the "great panic of 2020 is underway" as Americans made a mad dash to Costco stores and other big-box retailers to hoard supplies.
Costco CFO Richard Galanti told investors during an earnings call last week that buying panic has "been nuts."
"We attribute this to concerns over the coronavirus," Galanti said.
Stock prices for Walmart and Target have also benefited from the spread of the deadly virus, as people preparing for a quarantine situation load up shopping carts with bottled water, canned soup, instant mac and cheese and everything else that they could possibly need to wait out the virus. But the panic-buying has been leading to shortages and leaving people on edge. -WaPo
On the East Coast, tens of millions of Americans woke up on Saturday morning and heard the news about 44 total confirmed virus cases in New York, with a majority in Westchester, a suburb of NYC. PIX11 News' Cristian Benavides tweeted a video of the panic that is developing in NYC this morning. He shows a long line of cars waiting to get into a Costco in Astoria, a neighborhood in Queens.
ABC13 Houston reported, "We're seeing extremely long line at the Costco on Richmond this morning. Many people are trying to stock up on sanity items and water amid the coronavirus fears."
Stamford Plus magazine tweeted a picture of a Costco in Connecticut with "much bigger than usual" crowds.
One Costco shopper was spotted in a hooded bio hazmat suit at an unidentifiable store.
One Twitter user said, "Costco employee just told everyone 2 toilet paper items each."
Yeah, now it's around the side of the building, Costco employee just told everyone 2 toilet paper items each... I'm. Just here for the cookies...#panickbuying #COVID?19 #keepcalmandwashyourhands pic.twitter.com/UsgsJJBtbA
— Just shootin the newz (@shootinnewz) March 7, 2020
LA Times' Laura Blasey said the Costco in Arlington, Virginia, looked like "the set of the new Mad Max movie" as hand sanitizers, masks, and rubbing alcohol were all sold out.
Panic buying was also spotted at Costco in Beacon Hill, Boston.
(The shopping cart looks about like mine did two weeks ago. Except I did it twice. - De)
More purchase limits on certain products were seen.
A Costco in Los Angeles this morning saw long lines wrapping around the parking lot.
"Costco is lit today" - more buying panic at another Costco tweeted one user.
Costco is lit today. They be rationing the water and TP too. pic.twitter.com/5HKUFLEDMi
— Unbeliever (@quotesdeezy) March 7, 2020
Buying panic was also seen at a Costco in the UK.
Another Costco in Canada with long lines -- and the store hasn't even opened
One Twitter user reported that a line spans "down one whole aisle and around to the next" developed inside one Costco as people are waiting on today's delivery of goods.
The rising fears of a pandemic as confirmed virus cases and deaths soar will only force more and more Americans to big-box retailers to hoard food and water. This soon could result in a shortage of goods.
We warned you several years ago that Venezuela was coming to America. Who knew it would be caused by a virus.
http://www.zerohedge.com/markets/panic-buying-and-stockpiling-americans-continue-epic-run-costco
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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