Economy Improving, Just A Blip - Karl Gibbons #4855

Published: July 24, 2020, noon

Retail sales jumped 7.5% last month giving stores and restaurants a much needed boost. Although the increase came before the latest surge in coronavirus cases which prompted renewed shutdowns in several states.  "There is no doubt about it - this is a complicated and quickly evolving retail environment and only the most nimble will survive, says Retail Expert and president of Naples-based Business Management Firm 'Third Eye Management' Karl Gibbons.  Retail sales crashed in the spring as people stopped going out to eat and shop — especially for clothes — during the pandemic. But now things have changed for the better (see stats below). "This is a good sign, and as I see, it also is an opportunity to learn," says Gibbons. Clothing and accessories stores: +105.1% Electronics stores: +37.4% Furniture stores: +32.5% Sports, music and other hobby stores: +26.5% Restaurants and bars: +20% Department stores: +19.8% So what can we expert this month and next? And what will retail businesses large and small need to do to get the momentum going?