August Rebound at Retail
According to a recently published report by Kantar Retail, retailers posted somewhat better-than-expected results for the month of August.
Despite experts' concerns that consumers were spending less as economic news worsened over the summer, Kantar Retail says that retail sales grew by 3.4 percent in August -- better than the 2.9 percent same-store sales gain last month, and a happy improvement from the 2.4 percent decline in August of last year. The International Council of Shopping Centers says its index, which tracks a slightly different group of stores, posted a 3.2 percent year-over-year comparable-store gain, slightly above expectations.
"August sales held up relatively well because shoppers' intention to curb their spending plans was outweighed by their back-to-school needs, especially when they scrimped on meeting those needs a year ago," Kantar Retail says in its report.