Did Mother Nature help increase July retail sales?
Millions of Americans were impacted by an extreme heat wave that swept across the country in the middle of July. There were many things that people did to keep cool, including taking beach vacations, staying at home and jumping in the swimming pool. Another thing that individuals did during the excessive warm temperatures was visit retail stores to not only shop, but to take advantage of the air conditioning.
Wall St. Cheat Sheet reported that a study by the International Council of Shopping Centers revealed that preliminary figures from the nation's retailers are showing strong growth in July. The industry organization believes this is due in large part to the incredibly hot weather that drove consumers inside to shopping malls and brick-and-mortar retailers. Also, for those who did not venture outside, ecommerce was the main way these individuals browsed for and purchases retail items, the source explained.
"Excessive heat in parts of the country and summer clearance sales helped to heat up a positive performance for retailers overall," noted the International Council of Shopping Centers' Vice President of Research and Chief Economist Michael Niemira.
Dow Jones reported that chain store sales throughout the country increased 0.9 percent during the first two weeks of July from the previous month, according to data from Redbook Research.