Retail group pulls back on claim organized retail crime accounts for nearly half of inventory loss
The National Retail Federation has revised a report released in April that pulls back the claim that organized retail crime accounts for nearly half of overall industry shrink, which measures overall loss in inventory, including theft.
Retail trade group: holiday sales expected to slow to 3% to 4%, compared with 5.4% growth a year ago
The National Retail Federation, the nationโs largest retail trade group, expects shoppers will spend more this year than last year, but their spending pace will slow given all the economic uncertainty.
All-time high of more than $10 billion is expected to be spent on Halloween 2021, according to this group
Whether itโs shortages that are driving up prices of certain items or enthusiasm for the day in general, one thing is clear: It looks like there will be a lot of money spent on Halloween this year.
US consumers rebound to boost spending 2.4% as income jumps
The January spending increase followed two straight monthly spending drops that had raised concerns that consumers, who power most of the economy, were hunkered down, too anxious to travel, shop and spend. Consumers saved a significant chunk of their income last month: The personal savings rate jumped to 20.5% from 13.4% in December. It was the highest savings rate since May of last year in the aftermath of pandemic's eruption. AdGregory Daco, chief economist at Oxford Economics, said he thinks the high savings rate, combined with pent-up consumer demand and further federal aid, will lift economic growth this year to 7%. โThe combination of a healthier economy and more government stimulus should generate a strong rebound by the middle of the year.โ
U.S. retail sales fell in December for 3rd straight month
(AP Photo/John Raoux)NEW YORK โ Retail sales fell for a third straight month as a surge in virus cases kept people away from stores during the critical holiday shopping season. The U.S. Commerce Department said retail sales fell a seasonally adjusted 0.7% in December from the month before. Department store chain Nordstrom, lingerie seller Victoriaโs Secret and clothing retailer Urban Outfitters all said sales fell during the holidays. The Commerce Department said shoppers cut back on spending at electronic and department stores. At clothing stores, sales rose 2.4% after dropping 16% for the year.
Lexington man elected to national council to help small businesses
LEXINGTON, Va. โ A Lexington businessman has been elected to serve on the National Retail Federationโs Small Business Council. John Morman says he hopes his advocacy work helps small businesses in the area, like his own, that are suffering in the pandemic. Morman says the council has several asks of elected leaders through their โtake actionโ initiative, which calls for more federal aid through stimulus, PPP loans and then loan forgiveness. โI think it would be the final nail in the coffin for a number of businesses,โ said Morman in response to possible coronavirus related restrictions. He began serving on the council just before Thanksgiving.
Retail trade group sees solid holiday sales despite pandemic
NEW YORK โ The National Retail Federation, the nation's largest retail trade group, expects that holiday sales could actually exceed growth seen in prior seasons, despite all the uncertainty surrounding the pandemic. Holiday sales have averaged gains of 3.5% over the past five years. Not included in total sales figure are sales from restaurants, gas stations and auto dealers. Still, the NRF cited that the aggregate retail sales have seen a V-shaped recovery, growing both month-over-month and year-over-year each month since June. For the first ten months of this year, retail sales rose 6.4% compared with the first 10 months of 2019.
Get 10% off Target gift cards this Sunday
Buy a gift card, get a gift from Target. For one day only, this Sunday, if you buy a gift card, youโll get 10% off. Gift cards are the most popular holiday gift. In fact, the National Retail Federation says theyโre topping Christmas lists for the 13th year in a row. Only gift cards under $300 dollars get the deal, but youโll be able to use the card the next day.
Retailers seek to stretch shortened holiday shopping season
Faced with the shortest holiday shopping season since 2013, retailers are trying to figure out ways to get into the minds of shoppers sooner. "This is going to be a very compressed holiday season," Target's CEO Brian Cornell told reporters during last week's holiday preview in New York. That leaves the holiday shopping season with six fewer days than last year. Jack Kleinhenz, chief economist at trade group National Retail Federation, says he baked the shorter season into his holiday forecast. The last time the holiday season was cut short, in 2013, sales rose a modest 2.9%, according to NRF's analysis of holiday spending.
Retailers expect a strong holiday shopping season
Getty Images via CNN(CNN) - Retailers expect consumers to deliver another strong holiday shopping season, even as the trade war hangs over the economy. Even so, retail sales in November and December will nevertheless grow between 3.8% and 4.2%, to up to $730 billion, the National Retail Federation predicted Thursday. Holiday sales have increased by an average of 3.7% over the past five years, according to the group. Job growth, a low unemployment rate and rising wages will bolster holiday spending, Shay said. The trade war between China and the United States, the world's two largest economies, is weighing on retailers.