Colliers Retail Market Intelligence
The retail industry thrived in July as foot traffic increased by 3.5%, and core sales grew by 3.8% over June.
Apparel store visits grew by 31.2% over the month but only saw a modest increase in sales of 0.9% as consumers limit themselves to purchasing apparel they want or need.
Sales at grocery stores rose by 1.5%, a much lower rate of increase than in the recent past, thanks to slower inflation and increased price competition between major supermarkets. At the same time, visits remained stable in July.
Beauty is still basking in the heat of red-hot growth, with sales up by 8.3% and store visits increasing by 11.3% over 2022.