Could this be the jab to the throat brick-and-mortar retail was trying to avoid? Back in February forecasts were predicting that U.S. retail would see moderate growth somewhere around 2.8% in 2020. This was PC (pre-COVID), of course. Now, the newest available data is showing that U.S. retail sales will most likely decline 10.5% this year, and those getting hit the hardest will be brick-and-mortar retail stores.
As the first quarter comes to a close, I wanted to take a moment to share my perspective on a growing trend that seems to be taking shape across the retailer landscape...big box stores, regional stores, service businesses - no one is exempt. What has happened to the service in the phrase ‘customer service’?
This year’s holiday season is looking favorable for retailers. With the economy, household incomes and employment levels holding steady, ICSC is anticipating a 4.9% increase over last year’s $832.3 billion holiday sales. The average American adult is expected to spend nearly $700 on holiday-related items including gifts and decorations.