Illustration: Lazaro Gamio/Axios

As once-thriving retailers like Gap, Victoria's Secret and JCPenney announce almost 5,000 store closings in just 2019, three retail startups have hit valuations of $1 billion or more — and entered the exclusive "unicorn" club.

Driving the news: In the past 10 days, Rent the Runway, Glossier and Casper have all topped $1 billion valuations. The success of the three charts the future of retail — a landscape peppered with tech-infused startups that begin online then go to Main Street.

Why it matters: These are physical product companies that, arguably, are being valued like software companies, notes Axios' Dan Primack.

All three companies have capitalized on a trend we've dubbed "the Instagramification of retail": New retailers are conducting most of their business online but building out a small number of shops in the glitziest parts of big cities to function as profitable billboards.

  • Shoppers — the majority of them Gen Zers and millennials — can swing by Rent the Runway's swanky D.C. showroom or Glossier's beautifully designed New York flagship to take a selfie or browse dresses and lipsticks as if walking around inside an Instagram post come to life.
  • Casper's stores, which are called "Dreameries" and include giant beds for patrons to take naps on, are also trying to sell the lifestyle instead of the mattress — in hopes the customer will eventually buy into both.

But, but, but: Such startups should beware the competition, says Moody's lead retail analyst Charlie O'Shea. "One of the key risks to the innovator is the copycat phenomenon whereby a larger, better-capitalized company recognizes the opportunity and decides to compete in the space," he says.

  • This is already happening in the mattress industry. Amazon has Casper and other mattress sellers spooked with its recent entry into the industry.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12:30 a.m. ET: 32,994,213 — Total deaths: 996,682 — Total recoveries: 22,850,358Map.
  2. U.S.: Total confirmed cases as of 12:30 a.m. ET: 7,114,235 — Total deaths: 204,752 — Total recoveries: 2,766,280 — Total tests: 101,298,794Map.
  3. States: 3 states set single-day coronavirus case records last week — New York daily cases top 1,000 for first time since June.
  4. Health: The long-term pain of the mental health pandemicFewer than 10% of Americans have coronavirus antibodies.
  5. Business: Millions start new businesses in time of coronavirus.
  6. Education: Summer college enrollment offers a glimpse of COVID-19's effect.

Democrats demand Trump release his tax returns after NYT report

Compilation images of House Nancy Pelosi and President Trump. Photo: Joshua Roberts/Getty Images/Chip Somodevilla/Getty Images

Democrats called on President Trump to disclose his tax returns following a New York Times report alleging he paid $750 in federal income taxes in 2016 and 2017 and nothing in 10 of the past 15 years.

Details: Trump said the report was "total fake news," that he's unable to release the returns as they're "under audit" by the IRS, "which does not treat me well." House Speaker Nancy Pelosi (D-Calif.) said in a statement the report "provides further evidence of the clear need" for a House lawsuit to access the tax returns and "ensure the presidential audit program is functioning effectively, without improper influence."

Updated 2 hours ago - Politics & Policy

Former Trump campaign manager Brad Parscale hospitalized

Brad Parscale, the former campaign manager for President Trump's re-election campaign, at Drake University in January in Des Moines, Iowa. Photo: Tom Brenner/Getty Images

Fort Lauderdale police arrived at former Trump campaign manager Brad Parscale's home on Sunday after his wife called and said he was threatening to harm himself, Florida officials confirmed to Axios.

Details: Fort Lauderdale Police Sgt. DeAnna Greenlaw told Axios officers responded to a report of "an armed male attempting suicide" just before 4 p.m. local time.

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