American consumers were still slow to spend in July and retail sales were relatively unchanged from June as a result.
According to the U.S. Census Bureau’s advance monthly report, released Friday, total retail sales were $457.7 billion last month—down slightly from June’s $457.9 billion, which was a 0.7% increase over May—and up by only 1.9% from July 2015.
Clothing and accessories sales slowed, down 0.5% from June’s $21.26 billion to $21.1 billion—a 1.2% decrease year-over-year. Sales at sporting goods stores fell 2.2% from $8 billion in June to $7.8 billion in July, while general merchandise sales—which includes department stores—were down 0.1% on a monthly basis and 1.1% compared with July 2015 to $55.85 billion. Department store sales alone fell 0.5% from June and were down 4 percent from last July.
E-commerce continued to trend up last month. Following June’s 1.1% monthly gain, non-store retail sales (online) were up 1.3% from the previous month—and a massive 14.1% from July 2015—to reach $47.7 billion.
Late last month, the National Retail Federation raised its outlook for 2016 and said retail sales for the year would grow 3.4%. Following Friday’s disappointing sales result, the remainder of the year looks a little less bright.
Once the purview of independent designers, “green” textiles are no longer relegated to the sidelines; they're now reshaping traditional supply chains and closets.Read more
Retail sales growth slowed in March compared to recent months.Read more
Main Street is holding its own against superstores and shopping centers.Read more
From cold-weather gear to children's wear, here’s what apparel companies are doing to grow their portfolios and stay ahead in a competitive landscape.Read more
JC Penney today reiterated plans to deepen its relationship with the beauty chain by adding in-store shops to 70 of its locations and growing the footprint of 32 more by almost 50 percent.Read more
From fiber companies to designers, the denim industry came together in Amsterdam on Friday for Kingpins Transformers: The Cost of Sustainability. Plus, 496 Fabric Lab debuted a new denim collection.Read more
In a bid to prolong what many feel is the inevitable, Sears is accelerating its cost savings strategy and looking to offload more real estate to gain liquidity, as sales remain elusive.Read more