Though many major retailers are dealing with shrinking sales, closing stores, deep losses and a historic wave of layoffs, home improvement and other sectors of the $400 billion retail industry are thriving.
Last week, department stores JC Penney and Macys both reported more bad news with regard to 2017 losses as they struggle to stay afloat. But while the outlook for department stores is bleak, John Schoen at CNBC.com writes that “there are major retail sectors that are seeing brisk growth as American consumer spending continues to undergo a major transition.”
The largest retail gains were seen in gas stations and “nonstore” retailers like Amazon.com, but right behind them is the Building Materials and Gardening sector. Thanks to a strong housing market, home improvement posted a 9.3% increase in sales over the past year. Additionally, the sector saw over 4% growth in retail jobs.
Source: CNBC.com
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