Retailers Got Amazon Prime Day Boost; June Sales Up 1% From May: NRF
June retail sales rode Amazon Prime Day coattails, rising 0.8% from May, said the National Retail Federation Friday. There was a sequential decline of 1.9% in May. Electronics and appliance stores rose 3.3% from May, 36.5% year on year. Retail…
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sales excluding gasoline, automobiles and restaurants gained 12.1% vs. June 2020, “unusually high” due to the pandemic, NRF said. Most stores were closed a year ago, and some had started to open by June. NRF expects a record back-to-school season including on electronics purchases, but CEO Matthew Shay warned of the impact of product shortages and supply chain constraints: “We urge Congress and the administration to enact meaningful, bipartisan infrastructure legislation that is critical for retailers who depend on a safe, reliable and efficient transportation system.” Chief Economist Jack Kleinhenz noted a continued “impressive recovery,” saying the economy and consumer spending are “particularly sensitive to government policy.” The boost from government stimulus earlier this year shows benefits, he said. Reopening stores and the economy progressed despite rising prices, Kleinhenz said. “As more people get vaccinated and get out, some of the growth will shift to services rather than retail but there’s enough momentum to support both.” For the first six months, sales increased 16.4%, a rate expected to slow in the second half. That’s consistent with NRF’s revised forecast for retail sales to grow 10.5-13.5% to $4.44 trillion-$4.56 trillion, it said.