Report upbeat about retail industry
A just-released analysis of the U.S. retail sector offers positive news for an industry that has been subject to some gloomy assessments in recent times.
Despite the rash of recent Chapter 11 filings and store closings, the U.S. retail sector as a whole remains incredibly strong and shows no signs of slowing down, according to a report by business intelligence firm Creditsafe USA.
“Our study reveals that while a number of the big retail players have experienced financial hardships, there is a huge portion of the retail sector that are performing very well," explained Matthew Debbage, CEO of Creditsafe USA and Asia.
The study, “The Creditsafe Guide: Demystering the US Retail Industry,” acknowledges that e-commerce giants such as Amazon and Walmart are giving the traditional department stores a run for their money.
“Interestingly, however, it is the small companies with either less than 100 employees or sales less than $10M that are experiencing rapid growth,” said Debbage. “They are truly thriving."
Other findings in The Creditsafe Guide: Demystifying the US Retail Industry" report include:
•Retail is the second largest industry in the United States in terms of the number of businesses it encompasses.
•Retail ranks third as far as the number of individuals employed, with nearly 10% of the country's workforce.
•There are 12% lower instances of bankruptcy in the retail sector compared to business in other industries.
"There is an apparent change happening within this sector, and companies that are embracing the change will become stronger,” added Debbage. “And, it's inherently clear things are still booming in the retail sector."
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