The National Retail Federation has recently announced in its report that sales for the 2015 holiday retail season inched up to only about 3 per cent, compared to the previous holiday season, to US $626.1 billion. The figure failed to hit the expected mark.
The recent result, which was announced on January 15, declared that the market missed the mark by a bit, which was predicted by the National Retail Federation, during the 2015 holiday season. The federation had expected holiday sales to scale up to 3.7 per cent. In contrast, the 2014 holiday season sale exhibited a more robust figure and exhibited 4.1 per cent increase.
However, claiming the sale was good, Matthew Shay, President and Chief Executive, National Retail Federation, said, “While some will attempt to undermine this positive outcome, the fact remains that retail continues to play an important role in growing our economy. This holiday season has proven once again that the industry can quickly and successfully respond to a rapidly changing and challenging sales environment in order to achieve continued year-over-year growth.”
Nevertheless, the sale in the holiday season across the US was lukewarm, and the economists and executives blamed the balmy weather for a tepid response from the shoppers.
Blaming the warm weather for Macy’s recent moderate performance, Terry J Lundgren, Chairman and Chief Executive Officer of Macy’s Inc, said, “About 80 per cent of our company’s year-over-year declines in comparable sales can be attributed to shortfalls in cold-weather goods, such as coats, sweaters, boots, hats, gloves and scarves.” He said this while announcing that the department store giant would close 40 Macy’s stores across the country.
Also Read – Macy’s reports tough Holiday Season; to shut 40 stores
Other major retailers have also closed some of their stores recently. On January 15, Wal-Mart Stores Inc declared the shutting down of 269 stores across the world. In California, Wal-Mart will shut down stores in San Jose, downtown Long Beach and on Crenshaw Boulevard in Los Angeles.
