A survey of retail stores in the US open for at least one year, recorded an increase in sales for the month of June. Analysts suggest the increase is due to improving economic conditions, but the current heatwave along the east coast is also credited with helping to entice shoppers into air-conditioned malls.
“Department stores benefited toward the end of the month from the excess heat across the country, particularly in the northeast but also out west,†said Ken Perkins, president of Retail Metrics. “Results were clearly mixed, and there was selective buying going on.â€
Overall, sales in 30 nation-wide retail chains, rose 3.1 percent in June, on the heels of a 2.7 percent gain in May.
Source: Bloomberg
