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January retail sales better than last year…but that’s not saying much
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Sometimes the realities of being a retailer during an economic downturn reminds me of encountering people who are so starved for attention that any little glance their way means they’ll attach themselves to your hip for the next half hour.
With that said, here’s what “positive” news looks like these days in the retail industry:
According to the National Retail Federation, January’s seasonally adjusted retail sales (which exclude autos, gas stations and restaurants) increased 0.5 percent over December and grew 3.2 percent unadjusted year-over-year.
The NRF says the January increase was largely accomplished by retailers creating special deals aimed at enticing shoppers to hit the stores and use gift cards they received over the holiday season. Popular categories included electronics, clothing and sporting goods.
Just to give you a little perspective, retail industry sales for January 2007 rose 0.7 percent seasonally adjusted over December and 5.3 percent unadjusted over the prior year.
Here’s what Rosalind Wells, chief economist for the NRF, had to say: “We continue to see the economy show subtle signs of improvement. While the recovery still has a long way to go, we remain encouraged by the latest retail sales figures.”
Based on what retail experts tell me, we had better get used to these kind of numbers. Unlike the last decade, which saw insane growth that probably gave too many people overly ambitious expectations, this decade will be the one of inching our way forward on the road to recovery.
