Back-to-school season not as strong as retailers hoped
The back-to-school shopping season is in full swing, as children across the United States prepare to head back to class for another year. This means that retailers are stocking their shelves with the necessary classroom supplies and are holding out hope that their revenues increase significantly. However, during what is the second busiest shopping period behind the holiday season, merchants are not seeing the turnout they were hoping for.
The Wall Street Journal reported that several big-name retailers are already showing disappointing back-to-school sales. While the final numbers have yet to be produced, brands such as Wal-Mart, Kohl's and Nordstrom's are seeing lower than expected sales figures. The source cited research from the National Retail Federation, which forecast that back-to-school sales will decrease 12 percent this year from 2012's figures.Overall, the NRF estimated that merchants will bring in a total of $26.72 billion during 2013's back-to-school season.
PYMNTS.com also echoed retailers' concerns regarding poor sales, citing the SpendingPulse survey by MasterCard. The research found that retail sales grew 4.5 percent year-over-year last month, and while any increase is positive, it is less than the 4.7 percent boost seen in June.
Despite these dismal projections, retailers are hoping that the back-to-school season and holiday shopping period will result in a successful 2013.
