Retail sales numbers are always important to commercial real estate. Somebody has to enter the stores and spend money so the rent won't be late. The advance retail and food service monthly sales for January were heavily off expectations.
The total was $700.3 billion, down 0.8% from December 2023, although up 0.6% from the previous January. Expectations were for a 0.2% month-over-month fall.
Retail trade sales were down 1.1% from December and 0.2% off from the same time last year. However, non-store retailer (e-commerce) sales were up 6.4% year over year. Food and drinking places were up 6.3% from the year before.
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