With Retail Sales Up, Analysts Point To Pent-Up Demand

With Retail Sales Up, Analysts Point To Pent-Up Demand

Business at the Chicago Gold Coast boutique Space 519 is so good, the owner calls it the new "Roaring Twenties." "People are splurging on things that make them feel good," says Lance Lawson, who co-owns the retail store with Jim Wetzel. One such item, a $595 black taffeta bow blouse by Paris-based Patou has been reordered several times"”this season. "It sells out within days. We are selling out of more expensive items, but this is the one that just keeps flying out again and again. Like many retailers, the retail owner was conservative planning for the year and so were suppliers, he noted. Now that consumers are shopping, demand is way up. "We have reordered this several times this season and it sells out within days," says Space 519 ... [+] co-owner Lance Lawson about this $595 Patou bow blouse. "Certain categories like fine jewelry are seeing business up 100% vs pre-pandemic level," Lawson says. "And our cafe is completely booked every day with a waiting list." Retail spending is one indication of a country-wide spending trend amongst Americans who can afford to shop. Case in point: retail sales were up . 6% in June, according to the latest report