Teenagers boost back to school sales
Back to school sales have been strong, especially in the teen market segment. Stores such as Zumiez, Buckle, American Eagle Outfitters and Abercrombie & Fitch all saw higher sales as compared to last year. Hot Topic however did not fare quite as well with sales dropping 1.1% compared to last year. With higher gas prices affecting store sales all summer long, this is indeed good news for retailers. On the discount front, Wal-Mart same store sales rose by 3.1% while same store sales at Target rose by 6.1%. Gas prices didn’t affect shoppers at high end departments stores, where sales of stores such as Saks, Nordstrom and Neiman Marcus all rose.
The National Retail Federation had predicted that the average family would spend about $36 more on back-to-school shopping this year, a 7 percent increase over last year to an average of $564. “It’s no surprise to us” that retail sales rose in August, says Phil Rist, vice president at BIGresearch, which does consumer surveys for the NRF. “Little Johnny needs a PlayStation portable for the bus ride home, and Little Suzie needs a new cellphone so you can reach her after cheerleading practice. A little lobbying by kids is going on.”
