As colder weather settled in across much of the U.S. in the fourth quarter, both the COVID-19 situation and economic performance predictably began to deteriorate. The daily rate of new COVID-19 cases began to spike locally towards the second half of Q4 2020, forcing Sacramento County to reinstate stay-at-home orders and impacting the health of many local retailers. While the retail sector is still feeling the reverberations of a second shutdown, Q4 2020 did not see negative effects to the extent of what was recorded in Q3 2020.