Retail Sales Down for Early Spring
While reported earlier this months that increased gas prices around the U.S. hadn’t yet begun to effect retail sales that early Spring optimism has given way to a slightly less rosy view of the situation.
From department stores to discounters, the nation’s retailers have collectively reported the worst monthly slump in sales in at least six years for figures reported for the month of April,. Listed among the culprits for slump were wet weather, and yes, higher gas prices.
The Commerce Department reported that Sales slid 1.8 percent during the month, well below earlier expectations, with companies like Wal-Mart Stores and Target being the hardest hit. According to retail research firm Retail Metrics, sales at stores open at least a year, a standard measure in retailing, fell 6.1 percent at Target and 3.5 percent at Wal-Mart.