Christian Retailing

NEWSLETTERS Current Issue NRF expects stronger second half of retail year
NRF expects stronger second half of retail year PDF Print E-mail
Written by Christine D. Johnson   
Thursday, 24 July 2014 11:31 AM EDT

iStock 000001589232-webThe National Retail Federation on Wednesday lowered its retail sales forecast for 2014 because of slow growth recorded during the first half of the year, but it said sales are expected to grow significantly faster over the next five months. NRF forecasted in January that retail sales would grow 4.1% in 2014 over 2013, but today’s revision lowers the forecast to a 3.6% bump.

NRF calculated that sales grew 2.9% during the first half of the year and are expected to grow at least 3.9% during the second half. The numbers include general retail sales and non-store sales and exclude automobiles, gasoline stations and restaurants.

“No retailer was immune to the doldrums witnessed during the first quarter, and as a result, the year’s growth trajectory was impacted,” said NRF President and CEO Matthew Shay. “That said, there is plenty of evidence that the second half of the year will be better for the industry as consumers begin to feel more optimistic about their spending decisions.  

“And though we maintain realistic expectations of retail sales growth in 2014, we are optimistic that the chances for a stronger economy still exist,” Shay continued.

NRF Chief Economist Jack Kleinhenz sees brighter days ahead for retailers.

“The severe weather and other factors we experienced earlier this year have taken their toll on retail, but most of those problems are behind us,” Kleinhenz said. “A second look at our forecast shifted our expectations slightly, but it’s important to note that the outlook is positive. Sales are growing, and we expect them to continue at a moderate pace.”

In this month’s Monthly Economic Review (nrf.com/news/2014-retail-sales-update), Kleinhenz observed that “one of the worst winters in recent memory kept shoppers home during the first quarter, and weak numbers for real estate, inventories and exports continued to hamper the economy through the second quarter. However, employment has grown at its strongest pace since 2005, business and consumer confidence have edged higher, manufacturing activity has expanded, and inflationary pressures remain tame, improving expectations for the second and third quarters.”

 

In this current issue:

Word Weavers forms alliance with BelieversTrust

News image

Word Weavers International, an 18-year-old organization for writers founded and...

READ MORE

Eerdmans longtime editor in chief to retire

News image

Jon Pott, vice president and editor in chief of Wm....

READ MORE

Zondervan hosts dinner for NIV’s 50th

News image

Zondervan, Biblica and the Committee on Bible Translation welcomed more...

READ MORE

Munce partners with SuzyQ to host writers conference

News image

The Munce Group and SuzyQ have announced a new writers...

READ MORE

Fire destroys Los Angeles Christian store

News image

A Christian retail store was gutted by fire Friday evening,...

READ MORE

Family Christian partners to assist widows for Thanksgiving

News image

Family Christian Stores has announced its partnership with author Miriam...

READ MORE

LifeWay to stay closed Thanksgiving

News image

While the "war on Christmas" generates more headlines, Thanksgiving has...

READ MORE

Britt Beemer: Retailers ‘control their own destinies’

News image

The mood of the American consumer is surprisingly gloomy, according...

READ MORE

GMA Canada presents Covenant Awards

News image

The Gospel Music Association (GMA) Canada honored singer-songwriter Dan Bremnes...

READ MORE

Holley Gerth’s ‘Amazing’ becomes best-seller

News image

Holley Gerth’s You’re Already Amazing (Revell/Baker Publishing Group) has landed...

READ MORE

Hachette to set e-book prices under new Amazon deal

News image

Hachette Book Group and Amazon announced Thursday that the companies...

READ MORE

Nazarene Publishing House restructures

News image

Nazarene Publishing House (NPH) will not close for business, but...

READ MORE
100%
-
+
0
Show options

a