Skip to main content Skip to footer

2019 Q1 Retail Market Report

Download Report

West Michigan welcomes new wave of retail in 2019

ECONOMIC UPDATE

The new year got off to a sluggish start, according to the latest U.S. jobs report. The economy added 20,000 nonfarm jobs in February —the lowest month for national job creation since September 2017.  Despite low job creation in February, there was good news for wages: Average hourly earnings increased by 3.4 percent year over year. The number of involuntary part-time workers also decreased, which could be a result of the partial government shutdown.

Looking further into 2019, another wave of changes is moving throughout the national retail market. A number of stores reported closures in Q1 2019. In February, Payless ShoeSource announced it will close all 2,100 stores in the United States. In March, women’s fashion retailer Charlotte Russe announced it will close 416 of its remaining stores. Dollar Tree announced it will close 390 Family Dollar stores, including one in Twin Lake, Michigan, and that 200 of those stores will be rebranded under the Dollar Tree name. 

Technology continues to drive a wave of change in retail, with e-commerce booming and creating opportunities for a convenient shopping experience. Brick-and-mortar business remains strong in an evolving retail market in which many retailers are looking for innovative ways to stay competitive and retain customers. This includes implementing an omni-channel strategy in which retailers have a strong online presence in addition to a brick-and-mortar location, such as Moosejaw and Duluth Trading Company.

Click here for the full 2019 Q1 West Michigan Retail Market Report.



IMG_0410

2019 Q1 Retail Market Report

Download Report