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May Retail Sales Reach Near-Record Level Despite Monthly Decline
Retail sales remained at elevated levels in May despite month-to-month fluctuations that masked near-record performance, the National Retail Federation said.
“While May retail sales were down slightly, largely due to supply chain constraints, the more accurate indicator remains in the year-over-year data which, as the NRF calculates, showed growth of over 17 percent,” NRF President and CEO Matthew Shay said. “For the first five months of this year, retail sales are already tracking 17.6 percent above the same five months of 2020, giving us further confidence in our newly revised sales forecast of growth between 10.5 percent and 13.5 percent to more than $4.44 trillion for 2021. While there are downside risks related to...
NRF Calls on White House to Address Port Congestion Challenges
The National Retail Federation delivered a letter to the White House asking to meet with President Biden and other top administration officials regarding the challenges retailers are facing from continued supply chain disruptions that are leading to congestion at U.S. ports.
The letter from NRF President and CEO Matthew Shay states, “The supply chain disruption issues, especially the congestion affecting our key maritime ports, are causing significant challenges for America’s retailers. The congestion issues have not only added days and weeks to our supply chains but have led to inventory shortages impacting...
Retail Sales to Now Exceed $4.44 Trillion in 2021, as NRF Revises Annual Forecast
The National Retail Federation issued its revised annual forecast for 2021, anticipating that retail sales will now grow between 10.5 percent and 13.5 percent to more than $4.44 trillion this year as the economy accelerates its pace of recovery.
“The economy and consumer spending have proven to be much more resilient than initially forecasted,” NRF President and CEO Matthew Shay said. “The combination of vaccine distribution, fiscal stimulus and private-sector ingenuity have put millions of Americans back to work. While there are downside risks related to worker shortages, an overheating economy, tax increases and over-regulation, overall households are healthier, and consumers are demonstrating...
Retail Cargo Continues Setting Records as Supply Chains Struggle to Keep Up with Consumer Demand
Imports at the nation’s largest retail container ports saw their busiest April on record and May could turn out to have set a new all-time record as vaccines allowed consumers to return to normal shopping patterns, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates.
“Vaccine rates are increasing, shoppers are back in stores and retail supply chains are working overtime,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “There’s no shortage of demand from consumers, but there continue to be shortages of labor, equipment and shipping capacity to...
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...
Study: 21 Million U.S. Jobs Depend on Imports
The National Retail Federation joined eight other business organizations to release “Imports Work for American Workers,” an economic impact study which found that imports support more than 21 million American jobs.
The study focuses on the net impact of imports on U.S. jobs — including statistics on sectors such as retail, apparel, transportation, manufacturing and consumer technology. The study also looks at how imports support jobs in states across the U.S. as well as trade policy initiatives pending before...
Retailers to State & Local Leaders: Clarity Needed on Mask Orders
Retailers are asking state governors and mayors to thoughtfully consider the practicality of state and local orders that track The Centers for Disease Control and Prevention (CDC) guidance announced last Thursday giving fully vaccinated individuals approval to resume indoor and outdoor activities without wearing a mask.
In a letter sent to Governor Andrew Cuomo, Chairman of the National Governors Association and Mayor Greg Fischer, president of the U.S. Conference of Mayors, the Retail Industry Leaders Association (RILA), and...
Retail Cargo Imports Set New Record as Economy Recovers
Imports at retail container ports hit a new record this spring and volume during the first half of 2021 is expected to be a third higher than last year as the economy continues to recover from the pandemic, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Despite the continuing pandemic, most consumers are in good financial health and aren’t hesitating to spend,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “More spending translates into more merchandise arriving at our ports as retailers continue to meet...
With ‘Feel-Better Situation’ for Consumers, Economy Could See Fastest Growth Since 1980s
With more businesses reopening and bringing employees back to work, the U.S. economy is on firm footing and could see its fastest growth in more than three decades, National Retail Federation Chief Economist Jack Kleinhenz said.
“While there is a great deal of uncertainty about how fast and far this economy will grow in 2021, surveys show an increase in individuals being vaccinated, more willingness to receive a vaccination, increased spending intentions and comfort with resuming pre-pandemic behaviors like shopping, travel and family gatherings,” Kleinhenz said. “This feel-better situation will likely translate into higher levels of household spending, especially around...
March Retail Sales See Strong Rebound Amid Increased Vaccination and Government Stimulus
Retail sales rebounded with huge gains in March as government checks fattened consumers’ bank accounts and more vaccination against COVID-19 made it easier for shoppers to get out of the house and lead the acceleration of the U.S. economy, the National Retail Federation said.
“The dramatic increase of nearly 18 percent in March retail sales over the same period last year confirms that a confident consumer is driving the economic rebound, and that should continue through the remainder of 2021,” NRF President and CEO Matthew Shay said. “American households are clearly feeling the full effect of additional fiscal stimulus, gains in the job market and the reopening of the economy. Although there have been some recent issues related to vaccines, consumer confidence remains...
Retail Import Surge Expected Through Summer
The unprecedented surge of imports at retail container ports that began last summer is expected to continue at least through the end of this summer as retailers work to meet increased consumer demand, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“We’ve never seen imports at this high a level for such an extended period of time,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Records have been broken multiple times and near-record numbers are happening almost every month. Between federal stimulus checks and money saved by staying home for the better part of a year, consumers have money in their pockets and...
NRF: One Year Later, Economy 'Has Come a Long Way'
With more vaccines in arms, federal stimulus putting money into pockets and consumers shopping again, the U.S. economy has made dramatic progress since the coronavirus pandemic brought activity to a near-standstill this time last year, National Retail Federation Chief Economist Jack Kleinhenz said.
“The economy has come a long way compared with a year ago,” Kleinhenz said. “Both monetary policy set by the Federal Reserve and fiscal policy set by Congress and the White House have responded with swift and overwhelming force to support the economy. NRF is optimistic that the recovery is...
Retailers Urge Bipartisan Approach to Modernize U.S. Transportation Infrastructure
The National Retail Federation issued the following statement from Senior Vice President of Government Relations David French in response to a House committee hearing on transportation infrastructure. U.S. Secretary of Transportation Pete Buttigieg provided testimony on behalf of the Biden Administration.
“The retail industry relies on our nation’s transportation infrastructure to move billions of dollars’ worth of merchandise every day to warehouses, distribution centers and stores and ultimately to consumers’ front doors. A healthy and efficient infrastructure system supports economic development and growth in...
NRF Says Extension of Paycheck Protection Program Vital to Small Businesses
The National Retail Federation issued the following statement from President and CEO Matthew Shay following the Senate’s approval to extend the Paycheck Protection Program.
“Throughout the past year, countless small businesses have been devastated by the pandemic. The Paycheck Protection Program has served as a lifeline for many retailers and other businesses across the country, ensuring they can continue to pay their employees and keep their doors open. As our economy begins to recover, extending the Paycheck Protection Program will give additional small businesses access to...
Average Easter Spending Expected to be Highest on Record
Consumers plan to spend an average of $179.70 this Easter, the highest figure on record, according to results of the annual survey released by the National Retail Federation and Prosper Insights & Analytics. A total of 79 percent of Americans will celebrate the holiday and spend a collective $21.6 billion, down slightly from last year's pre-pandemic forecast of $21.7 billion.
“With new stimulus funds from the President’s American Rescue Plan, positive trends in vaccinations and growing consumer confidence, there is a lot of momentum heading into the Spring and holiday events like Easter,” said NRF President and CEO Matthew Shay. “Many have figured out how to...
February Retail Sales Show Strong Year-Over-Year Growth as Vaccine and Stimulus Provide a Boost
Retail sales gained considerable year-over-year traction in February – despite a monthly slowdown from unusually high numbers in January – as increased COVID-19 vaccination, government stimulus and reduced restrictions on businesses continued to impact the pace of spending, the National Retail Federation said.
“February’s retail sales numbers are a minor speed bump on the road to post-pandemic recovery and are not a reflection of consumers’ willingness and ability to spend and drive the economy,” NRF President and CEO Matthew Shay said. "A number of factors contributed to these results, including major snowstorms in the northeast and unprecedented ice storms in the south, but they do not diminish the stimulus-related growth we saw in January or what we expect to see as additional stimulus relief hits consumer bank accounts in...
Retailers Say House Bill to Expand Union Powers Would Harm Both Employers and Employees
The National Retail Federation said legislation passed by the House tonight expanding the power of labor unions would infringe on the rights of both businesses and workers and called on the Senate to vote against the measure.
“The PRO Act would fundamentally redefine labor relations,” NRF Senior Vice President for Government Relations David French said. “This is a laundry list of extreme labor proposals that are both individually and collectively extremely harmful to employees, employers and the American economy. This massive overhaul of federal labor law would be bad legislation in the best of times and is certainly not...
Retail Imports Expected to Grow Dramatically During First Half of 2021
Imports at the nation’s largest retail container ports are expected to grow dramatically during the first half of 2021 as increased vaccination and continued in-store safety measures enable additional shopping options, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“NRF is forecasting what could turn out to be record retail sales growth in 2021, and retailers are importing huge amounts of merchandise to meet the demand,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “The supply chain slowdown we usually see after the holiday season never really happened this winter, and imports are already starting to...
NRF Encourages Customers to Continue Wearing Masks in Stores Nationwide
The National Retail Federation issued the following statement from Senior Vice President of Communications and Public Affairs Bill Thorne in response to several states lifting mask mandates.
“Retail stores are private entities. If they require you to wear a mask in their stores, and you choose not to, that store can refuse admission or service. Retailers are private businesses, and it is within their right to implement and enforce policies that protect the health and the safety of their employees and their customers...
NRF Forecasts Retail Sales to Exceed $4.33T in 2021 as Vaccine Rollout Expands
The National Retail Federation issued its annual forecast, anticipating that retail sales will grow between 6.5 percent and 8.2 percent to more than $4.33 trillion in 2021 as more individuals get vaccinated and the economy reopens.
“Despite the continuing health and economic challenges COVID-19 presents, we are very optimistic that healthy consumer fundamentals, pent-up demand and widespread distribution of the vaccine will generate increased economic growth, retail sales and consumer spending,” NRF President and CEO Matthew Shay said. “From the outset of the pandemic, retailers have gone above and beyond even the most conservative safety guidelines to protect...
January Retail Sales Show Strong Increase Boosted by Stimulus Funds and Record Holidays
Retail sales grew sharply in January as government stimulus checks provided a boost and momentum from 2020’s record holiday season carried over into the new year, the National Retail Federation said.
“January’s retail sales numbers reflect a very strong start for consumers and retailers as we look ahead to a critical year curbing the global pandemic and strengthening our economic recovery,” NRF President and CEO Matthew Shay said. “Consumers and the economy as a whole remain in good shape despite unprecedented adversity over the past year, and congressional action has been a lifeline for...
Foodservice and Retail Get Creative for an Unprecedented Valentine’s Day
While the pandemic has caused disruptions to gatherings and going out, there remains a special significance around Valentine’s Day. Consumers are committed to celebrating the holiday, even if traditional celebrations must be altered. According to the National Retail Federation, about 52% of adults plan to celebrate Valentine’s Day this year, spending a total of $21.8 billon.Nearly three-quarters of consumers celebrating the holiday this year feel it is important to do so given the current state of the pandemic. The virus is still a focus, with 74% indicating it will directly impact their plans for the holiday. About 24% of consumers plan to gift their loved one with an evening out, the lowest in...
Retail Imports Expected to Hit Repeated Monthly Records After Record Year in 2020
Following a record year during 2020, imports at the nation’s largest retail container ports are expected to set new monthly records from now into the summer as the nation’s economy continues to recover from the pandemic, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.“The import numbers we’re seeing reflect retailers’ expectations for consumer demand to the point that many factories in Asia that normally close for Chinese New Year this month are remaining open to keep up,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said...
NRF Calls on Congress to Move Quickly with COVID-19 Relief
The National Retail Federation issued the following statement from President and CEO Matthew Shay as the House and Senate debate next steps for COVID-19 relief.
“Retailers have been at the forefront of calling on Congress and our elected leaders to move quickly, decisively and in a bipartisan manner to get economic relief to individuals, families and businesses to help relieve the financial stress they have been facing the past 10 months. Equally important are efforts to ensure that states and municipalities have...
2020 Holiday Season: One for the Record Books at Retail
Record holiday season retail sales during the last two months of 2020 reflected the recovering economy but also got a boost from consumer emotions after a stressful year, National Retail Federation Chief Economist Jack Kleinhenz said today.
“This was not a typical holiday season and it took place amid an unprecedented shopping landscape,” Kleinhenz said. “When we assembled our 2020 holiday forecast, we knew one scenario was that results could come in high and that sales might exceed...
NRF Announces Six New Additions to Board of Directors
The National Retail Federation announced the addition of six members to its Board of Directors. The new members were elected to the board at NRF’s annual winter board meeting, held virtually this year following NRF 2021: Retail’s Big Show – Chapter 1. Each will serve a two-year term until January 2023.
“We are very proud to be welcoming our newest members to the National Retail Federation Board of Directors,” said Mike George, President and CEO of Qurate Retail, Inc. and Chairman of the NRF Board of Directors. “They are entrepreneurs, job creators, innovators and...
Valentine’s Day Spending to Total $21.8 Billion
Just over half (52 percent) of U.S. adults plan to celebrate Valentine’s Day this year, spending a total of $21.8 billion, according to the annual survey released by the National Retail Federation and Prosper Insights & Analytics.
“There is no question the pandemic has disrupted many aspects of Americans’ daily interactions and activities,” said NRF President and CEO Matthew Shay. “However, there remains a special significance around Valentine’s Day, and consumers are committed to...
NRF Says 2020 Holiday Sales Grew 8.3 Percent Despite Pandemic
Retail sales during 2020’s November-December holiday season grew an unexpectedly high 8.3 percent over the same period in 2019 to $789.4 billion, exceeding the National Retail Federation’s holiday forecast despite the economic challenges of the coronavirus pandemic, NRF said. The numbers include online and other non-stores sales, which were up 23.9 percent at $209 billion.
“Despite unprecedented challenges, consumers and retailers demonstrated incredible resilience this holiday season,” NRF President and CEO Matthew Shay said. “Faced with rising transmission of the virus, state restrictions on retailers and...
NRF Welcomes Necessary Aid as Biden Unveils Stimulus Plan
The National Retail Federation issued the following statement from President and CEO Matthew Shay in response to the release of President-elect Biden’s plan to combat the coronavirus and stimulate the nation’s economic recovery.
“The stimulus plan released by President-elect Biden is expansive in scope, but it serves as an encouraging signal that the new administration intends swift action to support businesses and...
2020 Retail Imports May Break Record Despite Pandemic
Imports seen during 2020 appear to be headed toward a new record despite the coronavirus pandemic, and remain at high levels as 2021 begins, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Nobody would have thought last spring that 2020 would be a record year for imports, but it was clearly an unpredictable year,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Consumers and retailers once again proved their resilience in the face of unprecedented challenges. Thanks in part to government stimulus, retail sales saw...
NRF Chief Economist says Latest Stimulus will Help Continue Recovery from Pandemic
Economic challenges brought on by the coronavirus pandemic will continue in 2021, but stimulus legislation signed into law just after Christmas will help maintain and accelerate the nation’s ongoing recovery, National Retail Federation Chief Economist Jack Kleinhenz said.
“As we closed out 2020, it was an end to a whirlwind year whose challenging economic environment will almost certainly continue in 2021,” Kleinhenz said. “The coming year might be just as eventful as the economic recovery faces many uncertainties...
November Retail Sales give Holiday Season Solid Start
November retail sales dipped from the month before but still showed the sixth consecutive monthly year-over-year gain by government calculations and set the stage for a healthy holiday shopping season compared with last year despite the pandemic, the National Retail Federation said today.
“Consumers held back on spending in November as virus rates spiked, states imposed retail restrictions and congressional stimulus discussions were gridlocked,” NRF President and CEO Matthew Shay said. “While consumers have been bolstered by increases in disposable income and savings, it’s clear that additional...
Retail Imports Still Strong after Setting New Records for The Holiday Season
Imports remain strong after setting new records this fall as retailers stocked up both stores and warehouses for the holiday season and met new demands for quick delivery of online orders, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“The pandemic has made the past year one of the most trying the supply chain has ever seen, but retailers have met that challenge,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “We’ve gone from not knowing whether we would be able to...
NRF Chief Economist Says Pandemic Made this Year's Holiday Forecast the Most Challenging Ever
With the coronavirus pandemic presenting unique circumstances for the nation’s economy, forecasting retail holiday sales this year was more challenging than ever before, National Retail Federation Chief Economist Jack Kleinhenz said today.
“There is no doubt this is the most unusual economic environment in our lifetimes,” Kleinhenz said. “I cannot think of a period with so many simultaneous factors hitting the economy at once when formulating this forecast.”
NRF usually releases its annual holiday forecast in early October but...
Holiday Shoppers Take Advantage of Early, Thanksgiving Weekend Deals
An estimated 186.4 million consumers took advantage of the Thanksgiving holiday weekend and shopped in-store and online this year, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics.
“As expected, consumers have embraced an earlier start to the holiday shopping season, but many were also prepared to embrace a long-standing tradition of turning out online and in stores over Thanksgiving weekend to make...
NRF Encouraged by Bipartisan Stimulus Package Conversations
The National Retail Federation issued the following statement from President and CEO Matthew Shay in response to the announcement of a $900 billion bipartisan coronavirus stimulus package. “NRF and our members have been vocal and consistent in our calls for additional, targeted fiscal stimulus and the extension of expiring coronavirus relief measures. We are encouraged by...
NRF Expects Holiday Sales will Grow Between 3.6 and 5.2 Percent
With retail sales rebounding strongly due to continued consumer resilience, the National Retail Federation today forecast that holiday sales during November and December will increase between 3.6 percent and 5.2 percent over 2019 to a total between $755.3 billion and $766.7 billion.
“We know this holiday season will be unlike any other, and retailers have planned ahead by investing billions of dollars to ensure the health and safety of their employees and customers,” NRF President and CEO Matthew Shay said. “Consumers have shown they are excited about the holidays and are willing to...
October Retail Sales Grew as Consumers Started Holiday Shopping Early
Retail sales grew for the sixth month in a row in October, with sales significantly better than the same time a year ago as the economy continued to recover and consumers began their holiday shopping early, the National Retail Federation said today.
“We are encouraged by another positive retail sales number for October — the sixth consecutive positive monthly gain — as early holiday shopping provided a strong boost to the data,” NRF President and CEO Matthew Shay said. “Overall, retail sales were up 10.6 percent in October 2020 versus October 2019, and for the first 10 months of this year, retail sales were up...
Retailers Prepare for Thanksgiving and Unprecedented Holiday Shopping Season
As consumers prepare for smaller gatherings at Thanksgiving and an unusual holiday season, retailers are providing increased safety and convenience measures to offer an ideal shopping experience. For example, Meijer is encouraging customers to shop in whatever way fits their lives, offering delivery services and free pickup on orders over $50 online. The retailer is also adding more available time slots for pickup. Stores will be rolling out new hand sanitizer stations over the course of the holiday season and will install eight stations near high-traffic travel paths including entrances, pharmacies, produce areas, and check lanes. Meijer announced it will be extending...
Imports Set New 'Peak Season' Record as Retailers Prepare for Holidays
Imports likely saw their busiest “peak season” on record this summer and fall as retailers replenished inventories and stocked up for the holiday season, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Peak season is the Superbowl of the supply chain world each year as retailers make sure they have enough merchandise on hand to satisfy demand during the holidays, and this is the busiest we’ve ever seen,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Part of this surge was fueled by restocking after retail sales rebounded this summer and part could be making sure there aren’t shortages if...
NRF Chief Economist Says Strong Retail Sales Growth 'Points to The Resiliency of Consumers'
Retail sales have largely recovered from the pandemic heading into the holiday season but the growing number of coronavirus cases remains a threat and additional federal stimulus could help keep the economy on track, National Retail Federation Chief Economist Jack Kleinhenz said today.
“Strong growth in retail sales during the last few months points to the resiliency of consumers even in this disruptive pandemic environment,” Kleinhenz said. “Taking in all the evidence available, the U.S. economic recovery has progressed more quickly than generally expected.”
Kleinhenz agreed with Federal Reserve Chairman Jerome Powell’s recent call for additional...
NRF Foundation Introduces COVID-19 Trainings to Aid Retail Employees
The NRF Foundation today launched two new credentials in its RISE Up program in response to the coronavirus pandemic. The credentials focus on Retail Operations and Customer Conflict Prevention to further ensure retail workers — and the millions of customers they serve — can work and shop more safely and help keep the economy open.
“Retailers have been on the front lines of this pandemic as economic first responders and are going above and beyond to maintaining a safe work environment for themselves, their colleagues and their customers,” NRF President and CEO Matthew Shay said. “These new credentials will give employees the training they need to continue operating and serving customers safely. An informed workforce will build customer confidence and show...
Retailers Say White House and Congress Cannot Wait on New Pandemic Recovery Legislation
The National Retail Federation expressed concern over President Trump’s decision to stop negotiating with congressional leaders on new legislation intended to help the economy recover from the impact of the coronavirus pandemic.
“The pandemic isn’t over and neither is the economic crisis it has created,” NRF President and CEO Matthew Shay said. “There are many families still struggling to make ends meet and businesses facing obstacles to putting workers back on the payroll. We need a vaccine to ensure our personal health. And we need...
Imports Set New Record as Retailers Replenish Inventories and Stock Up Early for Holidays
Imports reached an all-time high this summer as retail sales bounced back from the pandemic and merchants replenished inventories and stocked up early for the holiday season, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“After staying at home this spring, consumers are buying again and retail supply chains are working overtime to keep up with demand,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Nothing about this year is predictable, but retailers are making sure their shelves and warehouses are well-stocked for the holidays. They are also stocking up earlier than usual because...
Landlords and Retail Tenants Compromise to Emerge Stronger Post-COVID-19, says NRF and PJ SOLOMON
With close to zero revenue coming in the door for many bricks-and-mortar retail operations during the COVID-19 stay-at-home orders, retailers and their landlords are working together to address outstanding rent obligations, the National Retail Federation and PJ SOLOMON said today.
“We started to see some encouraging signs for the retail industry with June’s positive sales growth and within the backdrop of a gradually reopening economy,” said David French, NRF’s Senior Vice President of Government Relations. “The influx of stimulus-driven consumer spending and negotiations with landlords has helped keep retailers afloat. As retailers look ahead to cover rent and other expenses in the coming months, more federal government relief is needed to ensure the industry can continue to rebound and fuel the economic recovery..."
Imports Spike as Economy Continues Recovery and Retailers Stock Up for Holidays
Imports surged to unexpected high levels this summer and may have hit a new record as the U.S. economy continues to reopen and retailers stock up for the holiday season, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“It’s important to be careful how much to read into these numbers after all we’ve seen this year, but retailers are importing far more merchandise for the holidays than we expected even a month ago,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Some of these imports are helping replenish inventories that started to run low after...
NRF Chief Economist Says Coronavirus 'Continues As a Shock' for Small Businesses
Data indicating that small business owners are increasingly pessimistic about the coronavirus shows the need for continued economic stimulus measures, National Retail Federation Chief Economist Jack Kleinhenz said today.
“The coronavirus continues as a shock to America’s small employers,” Kleinhenz said. “Small businesses are the backbone of American ingenuity and impact local economies in cities and towns across the country, but responses to recent surveys highlight the fragility of many small business enterprises and the importance of the need for well-tailored economic policy.”
“Just as a physician checks a patient’s pulse to measure the rhythm and strength of the heartbeat, small business is...
July Increase in Retail Sales Continues Recovery from Coronavirus Pandemic
Retail sales continued to recover from the impact of the coronavirus pandemic in July, growing more slowly than the month before but adding to the strong turnaround seen since this spring’s declines, the National Retail Federation said today.“Retail sales for July were another positive step in the right direction as our economy continues to slowly reopen,” NRF President and CEO Matthew Shay said. “Americans are showing their continued resilience and willingness to spend in the face of this unprecedented pandemic and government actions to date...
Retail Imports to See Lowest Annual Total in Four Years
Imports at major U.S. retail container ports during 2020 are expected to see their lowest total in four years as the impact of the coronavirus pandemic on the U.S. economy continues, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.“The economy is recovering but retailers are being careful not to import more than they can sell,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Shelves will be stocked, but this is not the year to be left with warehouses full of unsold merchandise. The more Congress does to put spending money in consumers’ pockets and provide businesses with liquidity, the sooner we can get back to normal..."
National Retail Federation: Economic Recovery May Not Be a Steady Climb
According to the National Retail Federation’s Chief Economist Jack Kleinhenz, it is difficult to determine how steady the economic recovery will be following the COVID-19 pandemic.
“Optimism about the economy and retail spending is being tested daily with the spread of the coronavirus,” Kleinhenz said. “Big questions are looming, and we are all grappling to discern what incoming data is telling us about the health of the economy and consumers. Depending on the data selected, the answers are not entirely clear.”
Kleinhenz commented in the NRF’s August edition of its Monthly Economic Review...
National Retail Federation Pushing for all Retailers to Adopt Face Mask Policy
As the COVID-19 pandemic continues to impact the United States, the National Retail Federation (NRF) called upon retailers to adopt a nationwide face-covering policy.
The NRF urged business, including grocery stores to implement the policy to protect the health of customers, associates and partners during the pandemic.
“The health and safety of associates and customers is retailers' number one priority and wearing a face covering or mask is scientifically proven to reduce the spread of COVID-19,” the NRF said in a press release...
Retail Imports Improving Slightly, but Still Far Below Last Year
Imports at major U.S. retail container ports are expected to remain significantly below last year’s levels into this fall as the impact of the COVID-19 pandemic continues, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Economic indicators show that the recession brought on by the pandemic may be easing, but retailers are being conservative with the amount of merchandise they import this year,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “The outlook for imports is slowly improving, but these are still some of the lowest numbers we’ve seen in years.”
“U.S. imports are performing like a yo-yo, up one month and down the next with no apparent cause that can realistically point to either...
NRF Chief Economist Says Pandemic Recession Could Already be Easing but 'No One Has a Crystal Ball'
The economic downturn brought on by the coronavirus pandemic has officially been declared a recession, but National Retail Federation Chief Economist Jack Kleinhenz said today the key question is how long it will last.
“Will this recession be briefer than earlier recessions?” Kleinhenz said. “No one has a crystal ball. And just as it can take months to be certain a recession has begun, it can take time to declare when one is over.”
“While it would be unusual for a recession to last less than six months, it is possible that the current one could have already ended with May’s rebound,” Kleinhenz said. “The good news is that the recession may have...
May Retail Sales Improve Dramatically Over April but Still Below Last Year
Retail sales rose dramatically in May as retailers and other businesses closed by the coronavirus pandemic began to reopen, but remained well below spending levels seen during the same period a year ago, the National Retail Federation said.
“This sales report is very encouraging news at a time when we need to focus on what will happen as retail doors open once again,” NRF President and CEO Matthew Shay said during a live interview on CNBC’s Squawk Box program. “For a sick economy, there is no better medicine than retailers responding to consumers who are ready to safely return to stores. These sales numbers do not reflect the same strength we had going into the pandemic, but they certainly reflect the trajectory we need coming out of it. The most important thing now is...
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