Gary Locke, the U.S. Secretary of Commerce, released an official statement yesterday concerning retail sales in August. And the news was good: sales were up .4% (or $363.7 billion) from July.
Who’s benefiting the most? According to the AP, department stores and “big chains such as Wal-Mart and Best Buy” — aka the spots parents rely on for back-to-school clothes and supplies. Clothing and accessory sales rose 1.2%.
The figures do portend good things for the holiday shopping season — the make-or-break period for retailers.
Not everyone received the report with sunshiny optimism, though. The New York Post spoke with Ryan Sweet from Economy.com, who said that, “The economy is no longer rapidly decelerating, but we are not out of the woods quite yet.”
Photo of a crowd shopping at Madewell during Fashion’s Night Out via Racked NY