As store openings accelerate across the U.S., the velocity of online sales continues on an upward trajectory, according to at least one analyst who is also taking a bullish view of retailers poised to outperform peers in a post-COVID-19 world.
“Change has been accelerated faster than expected but retailers who are able to adapt to these changes will thrive in the years ahead,” he added. The degree of change, though, increasingly includes the permanent closure of retail units. For example, in a separate market update report released this week, Dana Telsey, chief research officer of Telsey Advisory Group, said Nordstrom “is poised to have reopened 90 percent of its store fleet as of mid-June and productivity is running slightly better at Rack versus the full-line stores.” Telsey said digital growth is at 5 percent and is comprised “a strong 20 percent velocity in units driven, at least in part, by promotional levels and accounted for expected returns.
At Macy’s, Telsey said the retailer’s e-commerce business “has been strong with 80 percent growth in May, although the trend has moderated slightly as stores have reopened.” With inventory, Telsey said it is expected to be down “significantly and reach parity [with sales] in Q3 in order to provide merchandise newness to customers.” But the road to a full recovery of its business is far off.
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