HdL HeadLines calls out retail trends affecting the economy and HdL news to provide you with insight and support in your budget preparation and economic planning. 


 Store Openings are Outpacing Closures in 2021

Last year brought a massive wave of store closures and bankruptcies. Shuttered stores totaled out at 8,960 — nearly triple the 3,307 openings that Coresight logged for the year. The closure figures were driven by bankruptcies, liquidations and right sizing, all with COVID-19 raging in the background. With vaccines rolling out and hope for some semblance of a return to normal, retailers have reason to be confident in a return of foot traffic. Among those planning to add new stores this year are specialty and apparel stalwarts, including Sketchers USA, Ulta Beauty, Sephora, Foot Locker, American Eagle's Aerie and Dick's Sporting Goods. Read More

 

What Would Retailers Do Without the Government's Pandemic Relief?

Despite unseasonably cold weather in some parts of the country and traditionally low-key spending in February, last month's retail sales growth was pretty strong, up 7.8% compared to February 2020 for the group tracked by Retail Dive, and up a whopping 23.5% online. But compared to January, February was a disaster, analysts said. The numbers themselves tell the story. Sales in the cohort of retail segments tracked by Retail Dive fell 6.9% in the period, and even e-commerce tumbled 7.2%. Read More

 

Cold Weather Chills U.S. Retail Sales, Manufacturing Production

U.S. retail sales fell more than expected in February amid bitterly cold weather across the country, but a rebound is likely as the government disburses another round of pandemic relief money to mostly lower- and middle-income households.The harsh weather also took a bite out of production at factories last month as the deep freeze in Texas and other parts of the South put some petroleum refineries, petrochemical facilities and plastic resin plants out of commission. Read More

 

Pandemic Unleashes New Box-Box Era

A year of Covid-19 has dramatically accelerated the transformation of big-box stores into e-commerce warehouses, causing ripple effects for hourly workers and a struggling real estate sector. Shopping center mainstays Walmart Inc., Best Buy Co. and others are becoming fulfillment centers where workers assemble local deliveries and socially distanced consumers wait in parking spaces for their trunks to be filled. There’s no going back because consumers have embraced the web like never before during the pandemic. Stores will be smaller and integrated with digital operations, or risk becoming irrelevant. Read More

 

Target $15B Sales Growth in 2020 Outpaces Past 11 Years

As other retailers temporarily closed during the early days of the pandemic, Target gained more market share as shoppers looked to minimize multiple shopping trips and get everything that they needed in one place.  The retailer saw strong holiday results for 2020, especially on its digital front — potentially due to shoppers that wanted to avoid crowds. Digital comp sales rose 102% in November and December, while store comps rose 4.2%. Though Target had already posted promising holiday results ahead of Q4, its sales ballooned even further in January when stimulus checks began filling the bank accounts of Americans. Read More

 

HdL Retail Analytics - Upcoming Webinar

Consensus Forecast Webinar - 4Q 2020 Data Updates and Insight

Please join us for a live update and discussion on our quarterly Consensus Forecast. HdL will present an up-to-date view on the impacts of the Coronavirus outbreak on California’s Retail Economy based on current 4th Quarter 2020 data. Knowing this vital information could be essential to addressing your communities needs during these trying times. 

When: Wednesday, March 24, 2021 at 10:00 AM PT 

Registration: Click HERE to register now. 

 

Click below to read HdL's latest client announcements:

Legislative Update - March 2021

Issue Update - Tax Allocation Guidelines for Local Sales and Use Tax

Newport Beach Re-Engages with HdL for Sales and Use Tax Services

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