For Immediate Release
April 28, 2004
LANSING —Buoyed by strong March sales, Michigan’s retail industry
experienced its best 1st Quarter performance since 2000, according to
the Michigan Retail Index, a joint project of the Michigan Retailers
Association (MRA) and Federal Reserve Bank of Chicago.
For March, the Index found that 52 percent of retailers increased sales over the same month last year, while 14 percent reported as-good sales and 34 percent recorded declines. The results create a seasonally adjusted performance index of 59.9, up from 53.1 in February and the best for any month since March 2000.
Coming on top of January’s 49.9 figure, the February and March gains make it the best 1st Quarter since 2000, when the first three months of the year hit 59.2, 62.3 and 60.2.
"Retail sales in Michigan have shown steady improvement since last July and really surged in March," said Larry Meyer, MRA chairman and CEO. "The jump in February and March was in keeping with national figures and was reflected across all retail categories."
Sixty-six percent of Michigan retailers project better sales for the 2nd Quarter over the same period last year, while 21 percent project as-good sales and 13 percent expect declines. The results create a seasonally adjusted outlook index of 70.2, down from 74.1 in February but nine points ahead of February 2003.
Jewelers posted the strongest overall performance in March, with 79 percent reporting increased sales. Sixty-eight percent of furniture and appliance retailers recorded gains, 57 percent of gift stores and 55 percent of apparel retailers.
The Michigan Retailers Association is the unified voice of retailing in Michigan and the nation’s largest state trade association of general merchandise retailers. MRA’s nearly 6,000 retail business members operate more than 13,000 stores across the state.
Note: William Strauss, Senior Economist and Economic Advisor with the Federal Reserve Bank of Chicago, can be reached at 312.322.8151.
