Reuters - Retail sales could fall by 4 percent in the first quarter, a data tracking firm forecast on Monday, saying the tumultuous sales trends seen during the holiday shopping period are likely to continue.
NEW YORK (Reuters) - Retail sales could fall by 4 percent in the first quarter, a data tracking firm forecast on Monday, saying the tumultuous sales trends seen during the holiday shopping period are likely to continue.
(Reuters) - Promotions and discounts offered by U.S. retailers drove a 2.7 percent increase in holiday season sales despite a cold snap that kept shoppers away from stores, retail industry tracker ShopperTrak said.
WASHINGTON (AP) — U.S. holiday retail sales this year grew at the weakest pace since 2008, when the nation was in a deep recession. In 2012, the shopping season was disrupted by bad weather and consumers' rising uncertainty about the economy.
Perhaps confirming the collapse in consumer confidence we saw last week - that the market shrugged off on the back of Summers - ShopperTrak, which measures store traffic in 60,000 locations world-wide expects retail sales in November and December to rise by only 2.4%. As the WSJ reports, this will be the worst holiday season since 2009 (which last Friday's dismal +0.1% ex-Autos rise in retail sales for August supports).
Due to competition from online retailers like Amazon and dismal holiday sales at Target, J.C. Penny, Sears, Best Buy, and other major retailers, a flood of retail store closings are on the way. Moreover, that same competition also dictates a decided shift away from large stores in large malls, to smaller facilities.All things considered, expect nothing less than a massive Tsunami of Retail Store Closings and Downsizings.
By one estimate, retail sales hit $59 billion over Black Friday weekend. Or was the sales total a mere $22 billion, as another index stated? Similarly, online sales on Cyber Monday may have reached $1.46 billion or $1.98 billion, depending on which set of statistics you prefer. The most widely-cited data from the Black Friday weekend came from the National Retail Federation (NRF), which announced that “total spending reached an estimated $59.1 billion” from the period starting on Thanksgiving Thursday stretching through Sunday.
That it has been one of the most lacklustre shopping seasons in recent years has already been repeatedly covered, with average holiday spending expected to decline for the first time since the Great Financial Crisis of 2008, all this despite record promotions and an ever earlier start to Black Friday.
In a rare, back-to-back performance, retail sales in the US fell for the second month after a downward revision put December sales into the red.Blame the WeatherIn a blame the weather tactic Reuters reports Retail Demand a Bit Cooler. While the two straight months of declining sales most likely reflected frigid temperatures, there were also signs of general weakness creeping in as online sales also fell.