Macy’s led gains across retailers on Monday, as data showed that the decline in customer traffic across clothing shops has been less than other sectors.
Macy’s rose 3.3 per cent to $23.09 in morning trading in New York. Kohl’s, another department store, gained 2.7 per cent to $39.84, while Ralph Lauren, the purveyor of preppy Americana, climbed 2.2 per cent to $72.95.
Research from Cowen using data from National Traffic Devices on how much people are visiting stores in the US, showed total US retail traffic has dipped 9.7 per cent year-over-year for the week ending July 15. Customer traffic is down 8.3 per cent year-to-date compared with the same period in 2016.
The analysts also noted that the gap between foot traffic at apparel stores compared to electronics retailers continues to widen. Apparel traffic declined 5.3 per cent year-over-year for the week ending July 15, compared to a decline of 26.2 per cent for retailers of wireless and electronics products.
The data provided some respite for the troubled retail sector, with investors keeping a close eye on the challenge facing brick and mortar stores from online vendors.
The S&P 500 retailing index, which includes physical stores as well as online disrupters like Amazon, has risen 1.2 per cent so far this month. The index was up 0.6 per cent on Monday.
That compares to gains of 1.6 per cent in July for the broader S&P 500 index, which was up 0.1 per cent to 2,641 on Monday morning in New York.