Springboard Retail finds positive news for specialty retailers after a deeper look at the September retail sales report and aggregated Springboard Retail customer sales data.
The headlines last week focused on a perceived softening in the consumer market due to a 0.3% decline in seasonally adjusted retail and food services sales. The decline, the first since February, was mostly attributable to a decline in fuel and automotive sales, without which overall retail sales were flat.
For Specialty Retailers1, however, the picture was much brighter. Specialty Retail sales increased 0.7% over August and 3.0% when compared with September 2018. This represented an uptick following a summer of largely flat sales growth and the highest monthly growth rate since March 2019.
By comparison, Springboard Retail's customer base saw sales increase by 2.0% from August to September, outperforming both the national retail and food services industry and the Specialty Retail category.
Our customer base is comprised of emerging brands and retailers whose growth is outpacing industry averages. This customer profile is reflected by the data as our customers grew their sales ~175% faster than the Specialty Retail category in September.
1We define the Specialty Retail category as comprised of total sales in the following categories as defined by the US Census Bureau: Clothing and Clothing Accessories Stores, Furniture and Home Furnishings Stores, Health and Personal Care Stores, Sporting Goods, Hobby, Musical Instrument, and Book Stores, and Miscellaneous Store Retailers.
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