Brick-and-Mortar Meltdown Continues. Revenues Collapsed by 55% since 2017: Share buybacks and Ecommerce killed it.
Introducing my new retail sales charts of three-month moving averages to iron out the big month-to-month spikes and drops that clutter up the trends.
Consumers are still spending like drunken sailors, especially online, now that they don’t have to blow so much on gasoline anymore.
“Not seasonally adjusted” sales plunged from the big record in December, but not as much as in pre-pandemic Januaries.
Revenues collapsed. Bankruptcy filing hangs over it. This is a money-suck. But hey, it incinerated $11.6 billion on share buybacks.
Not seasonally adjusted, and despite the price drops, total retail sales and ecommerce sales hit records.
Unwound less than half the big jump in October, zig-zagging higher, which is why one month doesn’t make a trend.
Restaurants and ecommerce in particular. But people are not flocking back to department stores suddenly, that was a myth.
Ecommerce sales hit record. Sales at gas stations & electronics stores fell as prices fell. Used car dealers faced buyers’ strike, new car dealers supply shortages. Food store sales up on spiking prices.
Retail sales without gas stations jumped 0.8% in August from July. Inflation shifted away from goods (retailers) to services.