Retailers report solid sales gains for July
Despite a flow of bad economic news that kept consumer confidence shaky, a wide range of retailers that reported July sales on Thursday delivered results that beat Wall Street estimates, including discounter Target, department store Macy's. and luxury chain Saks. The International Council of Shopping Centers ' preliminary tally of retailers' sales at stores open at least a year — a key indicator of a merchant's health — was up 4.6%, a slower pace than June's 6.9% gain but in line with forecasts.
While the numbers signal a strong start to the back-to-school shopping period, roughly between mid-July through September, there are concerns that shoppers will soon return to their habits of the Great Recession by focusing on necessities and waiting for ever bigger discounts. That could be a big problem for retailers, which are raising prices in order to offset with rising fuel, labor and other production costs.
"Early going, July looks like it's shaping up to be a solid month despite all the economic headwinds," said Ken Perkins, president of RetailMetrics LLC., a research firm. "But the concern is whether shoppers will buy back-to-school items at full price."
The concern stems from the fact that while the recession officially ended in June 2009, many shoppers, particularly in the low-to-middle income bracket, feel like it never ended. After all, the economic picture for most has not improved.
For many, wage gains haven't kept pace with higher household costs for food and gas, which is $1 more per gallon than a year ago. Home values remain depressed, and now companies, worried about the economy, are pulling back on hiring. Adding to that, this fall, shoppers will face higher price tags as retailers try to offset higher labor costs in China and prices of raw materials.
In this environment, retailers that cater to higher-income shoppers have fared the best. The biggest standouts have been luxury retailers like Saks, which had a 15.6% increase for the month. That was much higher than the 8.5% forecast
Wholesale club operator Costco, which sells items in bulk, has also managed to attract higher income shoppers and others who like the treasure hunt experience of its stores. The company, which is based in Issaquah, Wash., said revenue from stores open at least a year climbed 10% in July. Analysts surveyed by Thomson Reuters predicted the figure would rise 8.6% for the warehouse club operator.
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Those catering to the low- and middle-income shoppers have been hurt the most by the economic downturn. Still, many of those retailers posted sales gains during the month. Target, which has been beefing up its grocery business, said revenue at stores
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Wal-Mart outlined plans on June 26 to create 15000 jobs in South Africa within five years and to allocate most of an expected 60 billion rand in additional food or fast-moving consumer goods purchases to local suppliers. The government's appeal in July
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