Same-Store Sales Fall 1.4 Percent
Same-store retail sales in the U.S. dropped 1.4 percent, nearly equally the December drop of 1.5 percent, TNS Retail Forward reported Thursday. The number is based on 40 retailers who have already reported numbers for the month.
The results were driven mostly by discount retailers, led by Walmart, as consumer spending moved towards them. In addition, nearly 60 percent of consumers said they expect to spend less this month compared to last year.
“For Walmart, the low-income shoppers that withdrew in December came back in January. So while sales remain down overall, shoppers are giving signs that they do not necessarily intend to cut still deeper into their retail spending,” TNS' senior economist, Frank Badillo, said as part of the announcement.