Artesian-Arts

Target sales surge as Americans lean on big box stores | Business News

“We are confident that when more customers are comfortable with in-store shopping, we will be in a great position to continue gaining market share as we have for many years,”said Ernie Hermann, CEO for the Framingham, Massachusetts-based chain.

Department store chain Kohl’s Inc., which had to temporarily close its stores this past spring and is mostly located off the mall, reported a 23% drop in sales for the fiscal second quarter.

Americans came to rely on big box retailers for supplies early when the economy was under lock down. The surge in new infections is keeping Americans closer to home in many places, and they’re increasingly relying on same-day delivery and curbside pickup. Big box retailers had pushed aggressively into those areas before the pandemic, attempting to keep pace with Amazon.com.

A day earlier, Walmart, based in Bentonville, Arkansas, reported online sales nearly doubled in its most recent quarter after it expanded online services. And sales at established Walmart’s in the U.S. jumped 9.3%. Home Depot, the nation’s largest home improvement chain, reported a 23.4% increase in global sales at established stores Tuesday.

Target, based in Minneapolis, said that it added 10 million new online customers during the first half of the year and gained $5 billion in market share. Clothing sales, which tumbled 20% in the first three months of the year as people focused on necessities, saw double-digit growth in the second quarter. That’s a big warning sign to mall-based clothing stores.

Source Article