Rising Gas Prices Cutting Into Retail Sales [Headlines]
The cost of travel is impacting the bottom line for stores.
USA Today reports:
For the March-April months combined, retailers delivered a 5.25% increase, strongest spring since 1999’s 6.2% rise.
Michael Niemira, chief economist at the ICSC, says, however, he saw some moderation in spending, based on his study of month-to-month seasonally adjusted figures. By his calculation, from March to April, revenue at stores open at least a year rose 0.3%, compared with a 2.2% increase from February to March.
“This says we need to be cautious. This signals that some of the worry about rising gas prices is indeed impacting sales,” he said.