Retail forecast adjusted downward
The National Retail Federation adjusted its forecast for retail sales for 2017, saying sales are now expected to increase between 3.2% and 3.8%, rather than the 3.7% to 4.2% forecast earlier this year.
“Meaningful revisions to retail sales numbers by the Census Bureau and similar revisions to personal income and consumption by the Bureau of Economic Analysis have both affected our forecast and have required us to adjust our 2017 sales projection,” NRF Chief Economist Jack Kleinhenz said. “While weaker-than-expected spending in the first quarter along with decelerating inflation has also contributed to the revision, NRF anticipates stronger sales heading into the fall and holiday seasons.”
Kleinhenz said total retail sales have grown year-over-year every month since November 2009, and retail sales as calculated by NRF — which excludes automobiles, gasoline stations and restaurants — have increased year-over-year in all but one month since the beginning of 2010.
SHOS unveils new POS
Sears Hometown and Outlet Stores has deployed NED Corp.’s point of sale technology at all 1,000 stores.
Casey Kelly, director of program management at SHOS, said the new NED G5200 POS gives the retailer the ability to grow for years to come. “We are making significant progress toward eliminating our reliance on our former parent company's IT systems as we establish a new, improved, and independent technology footprint,” Kelly said. “We are very pleased with the technical and aesthetic upgrades the new machines bring to our Hometown, Home Appliance Showroom, Appliance & Hardware, and Outlet formats.”
NEC deployed more than 2,400 POS terminals to 1,000 Sears Hometown and Outlet Stores throughout the U.S. in three months. Each store is equipped with the cost-effective, efficient NEC G5200 POS that features a “sleek, sophisticated all-in-one design,” in the words of the vendor.
“We are excited to be a strategic business partner to Sears Hometown and Outlet Stores during their IT transformation,” said Shin Takahashi, president and CEO at NEC Corporation of America. “Our company focus is to deliver security, safety and operational efficiency to our customers by leveraging our broad technology portfolio we call the Smart Enterprise.”
Houzz Stat: Renovation pros remain busy
Houzz has a new industry report: Data Watch: Renovation Firms Have Backlogs, Houzz Research Shows. (“Backlog” refers to the delay or wait time an average firm faces before starting a new midsize project due to its current project commitments.)
Busy with kitchens and baths. Nearly half (49%) of general contractors, remodelers and design-build companies on net report an increase in kitchen or bathroom renovations for the first half of 2017, compared with the same period a year ago.
“On net” means that the percentage of firms reporting increases minus the percentage of firms reporting decreases equals 49 percent. For example, if 54 percent of firms report increases and 5 percent of firms report decreases, that means 49 percent report an increase on net.
Many homeowners are tackling multiple remodeling projects simultaneously, the firms report. With large-scale renovations (kitchens, bathrooms and multiple projects) on the rise, it’s no wonder many of these firms are experiencing project backlogs.