NEW: U.S. retail sales jumped by a record 17.7% from April to May, with spending partially rebounding after the coronavirus shuttered the economy.
The government’s report Tuesday showed that retail sales have retraced some of the record-setting month-to-month plunges of March and April as businesses have increasingly reopened. Still, the pandemic’s damage to retail sales remains severe, with purchases still down 6.1% from a year ago.
The virus-induced recession not only diminished spending in most sectors of the economy. It has also accelerated shifts in where people shop and what they buy. The changes forced by the coronavirus have aided online retailers and building materials stores and other outlets that stayed open during the outbreak. Other businesses are facing persistent financial strains.
Other sectors in retail posted spectacular growth in May yet still face an uncertain future given the blows they absorbed in March and April. Clothiers achieved a stunning 188% monthly gain but still remain down 63% over the past 12 months. Furniture store sales surged 90% last month, but they're still down more than 21% on the year. This same pattern holds for restaurants, electronics stores, department stores and auto dealers.
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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