Retail Weekly Sales Bleeding Less

On a week-to-week basis, retail sales are bleeding less and stabilizing, according to two reports released today. But, year-over-year, sales remain dismal. The trends were revealed as several major retailers continue to struggle and face bankruptcy while many slowly open stores — despite several reports this week that predicted higher mortalities this summer from the coronavirus. And for companies looking to open stores over the next few weeks, industry analysts are urging caution and thoughtful planning. In regard to weekly sales, The Retail Economist-Goldman Sachs Weekly Chain Store Sales Index showed a week-to-week decline of 0.1 percent for the period ended May 2. Michael P. Niemira, chief economist of The Retail Economist LLC, said in the report that on a year-over-year basis, sales dropped 19.4 percent while noting that sales trends are mirroring “mobility data.” “As some of the ‘nonessential’ retail sector has just reopened late last week or is poised to reopen in parts of the country, overall retail sales appear to be stabilizing, but at a relatively depressed pace,” Niemira said. “This stabilization in sales appears to be mirrored in some other innovative data, such as the Google Mobility Indexes for the United States that track ‘movement trends over time by

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