Discounters rescue July comps
August 5, 2008,
|*Including chain stores and traditional department stores
Source: Johnson Redbook Index
New York – While department store operators finished July lagging comparative-store sales goals, discounters ramped up comps each week and finished well ahead – resulting in an overall on-target retail month, the Johnson Redbook reported today.
July comps were 1.4% above June, also on goal.
“Closing out the month and the second quarter, some retailers reported a firmer tone in sales toward the weekend, especially in apparel and school-related purchases, which they attributed to the beginning of back-to-school demand and shoppers taking advantage of sales tax breaks which some states had in effect since Friday,” said Redbook analyst Catlin Levis.
“Merchants reported that the tax-free holidays drew more store traffic than on a normal weekend in states including: Alabama, District of Columbia, Georgia, Iowa, Louisiana, Missouri, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee and Virginia,” Levis noted.
August is a four-week retail month ending Aug. 30. “Our preliminary target for August is for 2.8% same-store growth, leaving the month about 0.6% behind July,” Levis said.