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Kerry Lutz's--Financial Survival Network

Jul 24, 2020

Retail sales jumped 7.5% last month giving stores and restaurants a much needed boost. Although the increase came before the latest surge in coronavirus cases which prompted renewed shutdowns in several states. 

"There is no doubt about it - this is a complicated and quickly evolving retail environment and only the most nimble will survive, says Retail Expert and president of Naples-based Business Management Firm 'Third Eye Management' Karl Gibbons. 

Retail sales crashed in the spring as people stopped going out to eat and shop — especially for clothes — during the pandemic. But now things have changed for the better (see stats below). "This is a good sign, and as I see, it also is an opportunity to learn," says Gibbons.

  • Clothing and accessories stores: +105.1%
  • Electronics stores: +37.4%
  • Furniture stores: +32.5%
  • Sports, music and other hobby stores: +26.5%
  • Restaurants and bars: +20%
  • Department stores: +19.8%

So what can we expert this month and next? And what will retail businesses large and small need to do to get the momentum going?