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Broad-based spending gains backstop retail sector’s favorable outlook
All brick-and-mortar categories record monthly increases, according to Marcus & Millichap.
Store-based retail sales, which exclude spending online and at restaurants and bars, climbed 1.7 percent in January, marking the largest monthly rise in nearly two years. Reversing a recent down trend, gains were widespread across store types, highlighted by notable improvements in furniture-, appliance- and clothing-related purchasing. This broad-based increase signals that consumers, while pressured by inflation, still have solid cash reserves and borrowing capacity after the holidays, a boon for near-term retail property performance. Further brightening the sector’s outlook, Social Security benefits rose 8.7 percent at the start of this year, a cost-of-living adjustment that will aid the spending power of about 70 million beneficiaries.
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