Retail sales shot up for a second month
Flush with rebate checks that didn’t get entirely eaten up by gas, food and credit card bills, shoppers boosted the nation’s retail sales for the second month in a row, ringing in a 4.3 percent increase in June, according to the International Council of Shopping Centers.
While it was the biggest overall jump in same-store sales since March 2007, many analysts and retailers suspect that government’s stimulus program has run its course, and that a grim back-to-school shopping season looms.
“More than $100 billion of tax rebates, and all we get is a two-month booster shot for the economy?” analyst Mark Miller of William Blair & Co. in Chicago pondered in a report Thursday.
In general, discounters, membership clubs and off-price retailers are faring much better than are department stores in the tough environment.