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Retailers report warm outlook for spring sales Michigan retailers’ optimism rose for
the fifth consecutive month, to the highest level in nearly two years,
despite a dip in sales activity during February, according to the Michigan
Retail Index. Sixty-nine percent of retailers surveyed
in February said they expect sales for the March-May period to increase
compared to the same time last year. The results create a seasonally adjusted
outlook index of 74.7, the highest since 76.7 in May 2000. In January
the index stood at 70.3. Forty-one percent of retailers said they
increased sales in February, compared to a year ago, while 42 percent
said sales declined and 17 percent reported no change. The results create
a seasonally adjusted performance index of 51.9, down from 56.1 in January,
but still the second best since September 2000. The Michigan Retail Index is a joint project
of the Michigan Retailers Association and the Federal Reserve Bank of
Chicago and is based on a monthly survey of MRA members. Results of the
nearly eight years of surveys are now seasonally adjusted to provide a
better comparison of month-to-month retail data. “Retailers’ optimism continues
on the upswing as sales gradually improve,” said Larry Meyer, MRA
chairman and CEO. “February’s sales dip is simply a blip in
the otherwise positive trend of recent months.” West Michigan retailers saw the best results
for the month, with 41 percent reporting higher sales in February. Central
Michigan retailers were the most optimistic (78 percent expected higher
sales in the coming months), despite faring worse than other regions of
the state (only 33 percent increased sales for the month). Big-ticket items performed well in February. Sixty-one percent of furniture/appliance retailers and 55 percent of jewelers said their sales increased from last year. Apparel and general-merchandise retailers fared the worst, with 29 percent in each category reporting increased sales. Complete results of this month’s Michigan Retail Index - including data on sales, inventory, prices, promotions and hiring - are available at www.retailers.com/news/news.html. The website includes figures dating back to July 1994.
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