BREAKING: US retail sales jumped 17.7% in May, partially recovering after plunging in March and April when the economy froze up. The pandemic’s damage to retail sales remains severe, with purchases still down 6.1% from a year ago.
June 16, 2020 GMT
BALTIMORE — U.S. retail sales jumped by a record 17.7% from April to May, with spending partially rebounding after the coronavirus had shut down businesses, flattened the economy and paralyzed consumers during the previous two months. Retail sales account for roughly half of all consumer spending, which fuels about 70% of total economic activity. The rest of consumer spending includes services, from cellphone and internet contracts to gym memberships and child care.
One such retailer, CPW, a women’s clothing store, has been in business for 30 years on Manhattan’s Upper West Side. A three-month shutdown resulting from the virus sent the store’s sales sinking 20% to 30% even as the owner, Linda Wolff, packed and delivered orders to customer homes. Though CPW reopened for curbside pickup a week ago, Wolff said she hasn’t rung up a single such sale.
“Our wants and our needs have changed permanently until we find a health fix,” said Stacy Widlitz, president of SW Retail Advisors, a retail consultancy. “Shoppers are focusing on comfort, home and well-being.” For a group of 35 non-essential retailers, including department stores and jewelry chains, combined losses reached $2.5 billion for the three-month period that ended in May, according to GlobalData Retail. That compares with their combined profit of $8.9 billion in the year-ago period.
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