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Retail sales grow for third consecutive month with boost from e-commerce

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Retail sales have show growth for the third month running, largely thanks to the uptick in e-commerce sales, according to the latest July estimates from the Department of Commerce.

Regarding sales for retail and food services, July saw a 1.2% bump compared to the previous month.

After a difficult April, this marks the third month in a row that the economy has shown growth, with improvements shown in May, June and July.

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Additionally, July performed 2.7% better than the same month in 2019, while total sales for the May 2020 through July 2020 period were down 0.2% from the same period a year ago.

Meanwhile, in its Quarterly Retail E-commerce Sales Report, the DoC saw a significant jump in the influence of online sales, while traditional in-store sales were down slightly.

The percentage of total sales that e-commerce accounted for in Q2 2020 was 16.1%, whereas in the first quarter it was only 11.8%.

This marks a more-than 44% overall increase in the impact of e-commerce compared to the same quarter in 2019.

This news comes after a report from Coresight Research that suggests that as many as 25% of American shopping malls may be forced to close within the next three to five years. This would account for around 1,000 malls in total.

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Tags : Department of Commercemallsretailshopping malls
Sam Lewis

The author Sam Lewis