As we head into the second half of the year, researchers and analysts are fast at work predicting what we should expect to see in the second half of the year.
Retail sales are now forecast to grow between 6% and 8% to more than $4.86 trillion by the end of 2022. This figure compares with the 14% annual growth rate from last year, which had the highest growth rate in more than 20 years.
This week we uncover the trends that we expect to see take light in the second half of the year.
THIS WEEK’S HIGHLIGHTS
- The rise, fall and rise again: How malls have made a historic recovery.
- State of the State Mid-2022: Everything you need to know heading into the second half of the year.
- Q1 Benchmark Report: Click HERE to download the report.
FOOT TRAFFIC TRENDS
Industry insights so you can convert your foot traffic into more sales.
Malls continue to gain occupancy
Malls in the United States are slowly reaching full capacity after years of lackluster foot traffic.
Simon Property Group reported an occupancy rate at its U.S. malls and outlet centers of 93.9% as of June 30, up from 91.8% a year earlier. Although US malls saw 1,954 store closings this year, retailers in the U.S. have announced 4,432 new store openings.
Last year, the retail industry finished the year with a net addition of 68 stores. Even with all of the closures, this year has seen a net of 2,478 openings.
State of the State Mid-2022
As we head into the second half of 2022, TalkBusiness has released their State of the State Mid-2022 report on the retail industry.
As we’d all expect, continued supply chain delays, escalating prices, labor shortages, and the threat of a recession are among the top concerns, according to market watchers.
On the bright side, retail sales are now forecast to grow between 6% and 8% to more than $4.86 trillion by the end of 2022. This figure compares with the 14% annual growth rate from last year, which had the highest growth rate in more than 20 years.
As for physical store trends, Salesforce says that 60% of digital orders are now influenced by the physical store. By no surprise, in-store experiences continue to have a major impact on where consumers decide to buy, whether that be online or in-store.