NRF predicts U.S. retail sales will grow by 3.5% in 2008
By Furniture Today Staff -- Furniture Today, January 27, 2008
New York — Retail sales should rise 3.5% in 2008 with activity picking up in the year's second half, according to the National Retail Federation.
NRF chief economist Rosalind Wells said at the organization's redent convention here that sales growth is projected at 3.2% in the first half and 3.8% in the second half. She also projected that the U.S. gross domestic product would grow by 1.5% in the first half and 2.2% in the second half.
"There is little sign of the housing situation bottoming out," Wells said.
Commenting on the home furnishings environment, Farooq Kathwari, CEO of manufacturer and retailer Ethan Allen and chairman of the NRF, said retailers "suffer from the disease of thinking same-store sales by itself is a great solution. It isn't. You have to grow sensibly."
His advice is not to pursue sales increases at the expense of margins.
Gordon Segal, CEO of retailer of Crate & Barrel, said 2007 was "an amazing year" — for the first nine months. "All of a sudden, Christmas disappeared," he said.
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NRF: Retail sales should rise 3.5% this year
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