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Back-to-back growth for retail sales

Back-to-back growth for retail sales

By Brittney Sherman

According to the National Retail Federation (NRF), year-over-year retail sales grew 1.69% in July and 1.93% in August. When restaurants are added into those core retail sales results, the year-over-year increase for August jumps to 2.11%. Five out of nine retail categories experienced growth in the month of August, driven mainly by clothes/accessories, garden/building, and sports/hobby purchases. Retailers are hoping this increase in consumer spending continues into the holiday months.

Read the full report HERE.

 
Port strike warnings for the East and Gulf Coast

Port strike warnings for the East and Gulf Coast

By Brittney Sherman

The existing contract between maritime employes, represented by the United States Maritime Alliance (USMX), and the International Longshoremen’s Association (ILA) will expire on September 30, 2024. Negotiations are currently at a standstill, mainly attributed to the implementation of gate automation and a lack of recognition for longshoremen’s contributions during the pandemic. With the potential of a supply chain disruption growing stronger every day, retailers are placing bulk orders earlier than usual to sidetrack any delivery delays during the holiday season.

Read the full article in the Maritime Executive HERE.

 
10 Bills passed to combat retail theft

10 Bills passed to combat retail theft

By Brittney Sherman

In an effort to reduce the plague of retail theft on California businesses, Governor Gavin Newsom recently signed 10 bills into law. One of the bills allows prosecutors to add up retail crimes across several areas to achieve a felony grand theft charge, and another removes loopholes to allow for the prosecution of organized retail criminals who assault employees and cause store damage.

Read the full overview in the Morgan Hill Times HERE.

 
Leading the retail expansion race

Leading the retail expansion race

By Brittney Sherman

Even in the midst of inflation, supply chain, and post-pandemic recovery challenges, several retail brands aggressively expanded in 2023. A recent article in Footwear News identified these sporting goods, discount, and retail chains as the front runners for expansion in 2024:

Academy Sport + Outdoors

BootBarn

Dick’s Sporting Goods

Dollar General

Five Below

Macy’s

Nordstrom Rack

REI

Rothy’s

Uniqlo

Read the full article HERE.

 
$743 Billion in retail returns in 2023

$743 Billion in retail returns in 2023

By Brittney Sherman

Retailers are hyper-focused on mitigating returns in 2024. Last year, 14.5% of all in-store purchases and 17.6% of all online purchases were returned. While that might not seem like a loss since retailers re-gain the pre-sold products, a recent rise in fraudulent returns is accounting for $101 Billion in industry loses. Approximately 20% of retail fraud is conducted by Organized Retail Crime groups and an estimated 49% of all retail fraud is attributed to “wardrobing,” the return of used non-defective products. In an effort to stop the bleeding, retailers will begin applying stricter rules to returns in 2024, especially as they relate to online purchases.

Read the full article HERE.

 
2023 End of year eNewsletter

2023 End of year eNewsletter

By Brittney Sherman

As we close out another busy year, the Economic Development team would like to wish all of our businesses a happy and prosperous holiday season. We are grateful for the community’s support of the Downtown Street Activations, the Buy Local Holiday Shopping Passport, and engagement during our business roundtable meetings. This final newsletter of the 2023 year captures just a few of our most recent accomplishments. We look forward to the New Year and our work ahead to support the City’s long-term fiscal sustainability and increase the number of local job opportunities for all Morgan Hill residents.  

Read the full eNewsletter HERE.

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