Sales Planning Remains Critical for 2021 Retail Success
With 2021 Poised to Deliver Strong Sales, Contingency Planning Remains Critical
While the COVID-19 crisis is far from resolved, retail sales forecasts for 2021 are optimistic. The National Retail Federation (NRF) has forecasted that retail sales will grow between 6.5 percent and 8.2 percent in 2021, topping the 6.7 percent growth in 2020. NRF’s chief economist noted that the growth in 2021 is dependent on one key factor: the COVID-19 situation.
There are positive headwinds for retail. Vaccinations have ramped up, and businesses have started to open and continue to employ measures to keep customers and associates safe. Recently enacted legislation will provide support to consumers with COVID relief checks, extended unemployment benefits, and a higher level of support to states to continue driving vaccinations over the coming months.Read the full paper from Keith Jelinek and Rebecca Feygenson.