Retail sales tick up 0.2% in June
U.S. retail sales went up 0.2% in June to a total of $439.9 billion for the month, according to data released today by the U.S. Census Bureau. Though the growth fell below many economists’ expectations, June’s activity still pointed to a strengthening economy, with sales that were up 4.3% year-over-year.
Retail trade sales (not counting food service) fared slightly better — up 0.3% since May. Nonstore retailers were up 8.1% year-over-year, and health and personal care stores were up 7.9% since 2013.
In a surprising reversal from their status as the driving forces of retail growth over the past few months, both motor vehicles & parts dealers and food services & drinking places fell 0.3% in June.
Building material & garden equipment and supplies dealers also fell 0.1%, though the category was up 3.7% year-over-year.
IKEA is coming to Las Vegas in 2016
IKEA announced its plans to build a Las Vegas location, to be opened in the summer of 2016.
So far, the retailer has submitted its plans to Nevada’s Clark County. The 351,000-sq.-ft. store would be located in the Spring Valley area, approximately 13 miles southwest of downtown Las Vegas.
“We look forward to continue growing our western U.S. presence with IKEA Las Vegas,” said IKEA U.S. CFO Rob Olson. “This accessible location would provide the already 101,000 Las Vegas-area customers a store of their own and introduce the unique IKEA shopping experience to other consumers throughout Clark County and Southern Nevada.”
The proposed location would be built on 26 acres along Interstate-215 at Durango Drive, near the intersection with Sunset Road.
Over 500 jobs are expected to be created during the construction phase, and 300 permanent retail slots would be added when the store opens.
Its nearby store count includes existing locations in Covina, California; Tempe, Arizona; or Draper, Utah.