Retailers across the country experienced a boost in the use of payment processing technology, as retail sales rose in July.
According to research from Retail Metrics, sales at stores in operation for at least a year experienced a 4.4 percent increase – a major jump over analyst predictions of 1.4 percent. Furthermore, 84 percent of companies surveyed surpassed expectations.
The increase is in partly attributed to attempts by shoppers to escape the heat by heading to malls as well as summer sales and the coming back-to-school shopping season, the survey states.
“It’s a sign of some uptick in the industry and economic activity after a three-month pause in spending and economic activity,” Michael Niemira, chief economist at the International Council of Shopping Centers, said. “The performance is reassuring that we’re not slipping to more weakness, but indeed the consumer revved up their spending in July, and that’s likely to give us some support for further spending and the economy.”
July’s retail performance could prove encouraging for the coming months as the economy approaches the holiday season and sales continue to draw shoppers.Back To Blog