Retail growth continues as pandemic improves
The National Retail Federation says 2020 saw record growth, with sales up 6.7%, a figure higher than anything seen in the past 20 years.
ATLANTA – As living things return to normal, many are wondering how Georgian industries will rebound.
Throughout the pandemic, we have seen a strong push for people to buy locally and support small businesses, but for some sectors of the retail industry, business has exploded during the pandemic, and this trend is expected to continue as conditions improve.
“It was a whirlwind of epic proportions,” said Phnewfula Frederiksen, owner of Happy mango, her eco-responsible pregnancy and early childhood store.
For her, the pandemic has caused serious ups and downs. She had to fire her employees while juggling home schooling and continuing her business.
“At the start of the shutdown, sales fell about 60%. So I’m looking at the numbers like how? “Then we pivoted and we really started to push really hard, and then they reappeared so we ended the year better than last year, so I’m really, really thankful.”
Focusing on her already established online store and social media platforms, she kept in touch with her customers, who rallied others to help support the black-owned small business, helping it bounce back. and to finish better than before the pandemic. His company is not the only one with this story.
the National Retail Federation (NRF) says 2020 saw record growth, with sales up 6.7%. The figure is higher than anything that has been seen in the past 20 years.
Some of that growth has been supported by the first rounds of stimulus checks and people adapting to the pandemic, said Mark Mathews, vice president of research development and industry analysis.
“There has been a shift basically from spending on services to spending on goods,” said Mathews. “You know a lot of us stayed at home, we weren’t going on vacation, we weren’t going to school, we weren’t ‘commuting, we weren’t going out for fun. or eat out and a lot of that money was funneled from the service economy to the retail economy. “
The NRF now expects to see even greater growth as more people get vaccinated and return to make physical purchases or continue shopping online. The group forecasts an increase in retail sales between 6.5% and 8.2%.
Their forecast doesn’t include spending at car dealerships, restaurants, or gas stations, and it depends on the coronavirus; but, with the current number of vaccinations and cases, the group is optimistic that the retail business will see even more growth as the pandemic, we hope, draws closer to its end.
“Consumers have saved over $ 1.5 trillion, which is excess savings during the pandemic, so there’s a lot of firepower and you know, as the economies open up, we would expect that. that a lot of people are starting to go to the stores a bit more and hopefully spend some of that money, ”Mathews said.
Now that the return to life and shopping continues, Frederiksen hopes people will remember doing it at small local businesses like his.
“Make small purchases wherever you can,” said Fredericksen. “Support your local retailers.”