;
Home / Knowledge / News / Apparel/Garments / US retail sales up 4.5% YoY in 1H 2018: Report
US retail sales up 4.5% YoY in 1H 2018: Report
18
Jul '18
US retail sales up 4.5% YoY in 1H 2018: Report
US retail sales are up by 4.5 per cent year over year in the first half of 2018, according to a recent report. Higher gas prices failed to dent discretionary retail sales. Store closures by major US retailers have reached 4,136 to date. It is estimated that 2018 will end with 8,000–10,000 store closures, exceeding the 7,066 closures recorded for 2017.

In the UK, store closure numbers have surged, as per the 2018 Midyear Wrap-Up by Coresight Research, formerly Fung Global Retail & Technology. So far, 934 announced closures have been recorded, compared to the 1,005 closures that were recorded for 2017 as a whole. This suggests that the number of UK store closures for the full year could almost double.

“In the US, the acceleration in store closures began in earnest in 2017. In the UK, closures have taken hold this year. As of June 29, we have recorded 934 announced closures in our week-by-week tracking of UK store closings by major retailers. This midyear total is already comparable to the 1,005 closures we recorded for 2017 as a whole, suggesting that we could see around double the rate of closures for the full year,” says the report.

Store closures are more a mark of undifferentiated—and in a number of cases, heavily indebted—retailers, rather than underlying weakness in retail, notes the report. The popular narrative is that these retailers’ woes are indicative of ‘bleak’ times for an ‘embattled’ retail sector, driven by shoppers cutting their spending, but the truth is that UK retail sales continue to grow above inflation and many retailers are flourishing.

Department store retailer Target will invest $3.5 billion this year to remodel stores, open new-format stores and expand digital fulfillment, says the report. German e-commerce company Zalando remains on course to double sales by 2020, the report adds. (KD)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Pxhere

Textiles | On 24th Jan 2019

Cabinet okays National Bench of GST Appellate Tribunal

The Union Cabinet, chaired by Prime Minister Narendra Modi, has...

Piyush Goyal likely to present Interim Budget 2019-20

Textiles | On 24th Jan 2019

Piyush Goyal likely to present Interim Budget 2019-20

Minister of railways Piyush Goyal is likely to present Interim Budget ...

Bangladesh aims to be developed by 2041: Minister

Textiles | On 24th Jan 2019

Bangladesh aims to be developed by 2041: Minister

Aiming to become a developed country by 2041, Bangladesh is working...

Interviews View All

Anvita Mehra, Confidential Couture

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Top executives, Textile industry

Top executives
Textile industry

It will take some time for the people to change their buying choices

Vidhyaa Shankar. S, A Ganapathi Chettiar

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Himanshu Jariwala,

Himanshu Jariwala

J Korin started as a partnership firm with four powerlooms in the textiles ...

Harssh Chheda,

Harssh Chheda

Mumbai-based Corporate Collars provides bespoke tailoring services for...

John Kelley,

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Giulio Cesareo, Directa Plus SpA

Giulio Cesareo
Directa Plus SpA

Established in 2005, Direct Plus SpA, is one of the largest producers and...

Lynda Kelly, Suominen Corporation

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Giorgio Mantovani, Corman S.p.A

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Akta Adani, India Boulevard

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Chandani Sahi, By Chandani

Chandani Sahi
By Chandani

By Chandani is a womenswear prêt couture brand with fusion silhouettes by...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search