Tangible locations account for larger slice of total retail sales, according to Marcus & Millichap.
Store-based retail sales, which excludes online purchases and spending at restaurants and bars, represented nearly two-thirds of all retail sales in March, the largest proportion this year. The 2.1 percent rise in store-based spending recorded last month suggests consumer mobility is improving, and physical stores are noting a rise in foot traffic as health conditions improve and mandates are lifted. Receding online sales during the past two months further support this notion, with a broader shift in shopping behavior occurring despite widespread inflation and rapidly rising fuel prices.
Spending gains were distributed widely across store-based segments in March, another indication that more consumers are visiting physical stores with increased frequency. General merchandise, electronics and apparel stores notched the largest improvements in spending last month. Thes