(Source: MIRS.news, Published 12/21/2022) The Michigan Retailers Association (MRS)’s November Retail Index survey reported 47% of retailers expect their sales to decline through February, while 39% predict sales will continue to rise.
The other 14% anticipate no change, placing the Retail Index rating at 56.7, a large decrease from the 65.0 rating last month.
The 100-point index is conducted by the MRA in partnership with the Federal Reserve Bank of Chicago’s Detroit Branch, and gives a look into the state’s overall retail industry, with values above 50 an indication of positive activity.
The decline is a sign of concern among retailers, but is still a positive sign for sales increases, according to the association.
William J. Hallan, president and CEO of the Retailers, said "the sales during the closing days of the year make or break a business.”
“With 2022 quickly coming to a close, our retail businesses are looking at their bottom line now more than ever,” Hallan said.
The association's Index also reported that November 2022 sales remained relatively flat, with the November Index at 52.6, compared to 48.9 in October.
Of retailers, 42% reported a sales increase in November, while 41% saw a decrease, and 17% had no change in sales.
