NRF Chief Economist Says 'Satellite Account' Would Better Measure Retail Performance
National Retail Federation Chief Economist Jack Kleinhenz today backed a recommendation that federal agencies should create a “satellite account” to better assess the performance of the retail industry, saying traditional statistical measurements do not accurately reflect the industry’s contribution to the economy amid the increase in online shopping and other changes.
“In recent years, critics have claimed the retail industry is facing an existential crisis, that retail is not growing and that we are entering – if not already in – a retail apocalypse,” Kleinhenz said. “This is not an accurate picture, and the analysis driving this conclusion is incomplete. But why has this become...
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