Sales at U.S. retailers rose solidly in June for the fourth month in a row, pointing to a strong rebound in consumer spending in the second quarter that suggests the economy is not as fragile as the Federal Reserve apparently believes.
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Online shopping has become the second-biggest chunk of the $520 billion U.S. retail market, after overtaking grocery stores and restaurants in June. Spending at nonstore retailers, which includes online vendors such as Amazon.com, rose 1.7% last month and drove the overall increase in sales, according to the Commerce Department.
Home Depot is doubling down on its push into the home decor market.
Walmart Inc plans to invest 8 billion yuan ($1.2 billion) in China over the next 10 years to upgrade logistics, the U.S. retail giant said on its social media account on Monday. The company will also set up or renovate more than 10 logistics centres in the country.
Americans stepped up their retail spending last month, a sign that recent worries about cautious consumers dragging on growth may have been overdone.
Walmart Inc. has updated the information network used daily by its suppliers to let them submit cost increases that are directly attributable to higher U.S. tariffs on Chinese goods.
Arcadia Group, a UK-based fast-fashion retailer, will close all 11 U.S. Topshop and Topman stores and will consider closing 23 locations in the UK, according to The Wall Street Journal. Additionally, the company filed for Chapter 15 bankruptcy in the U.S. and started undergoing a separate insolvency process overseas.
Dressbarn is closing all of its stores. The women’s retailer announced Monday “plans to commence a wind-down of its retail operations, including the eventual closure of its approximately 650 stores.”
A slew of department store chains reported dismal first-quarter earnings on Tuesday, and the excuses for the bad reports were plentiful: a cooler start to the spring season, not having the right merchandise in stock and not having good enough promotions to draw shoppers in.
Walmart Inc. wants to one-up Amazon.com in the fight for online shoppers. The world’s largest retailer is rolling out a next-day delivery service to counter Amazon’s recent move to speed shipment times for top customers to just one day from two.