Michigan Retailers Association’s Post

Calling all Michigan Retailers 📢 Refer your retailer friends for a free Buy Nearby Weekend Survival Kit! The deadline to sign up/refer is Wednesday, September 18th. Get ready to kick off the holiday shopping season and Keep Your Money in Michigan.

Everyone give a warm welcome to Victoria Veda, MRA's new VP, Communications! 🎉 MRA is thrilled to have her onboard and utilize her communications and marketing background to further grow our brand and services.

#BizOwners: Complete the Michigan Retail Index survey to help gauge industry performance and shape future strategies.

Join us in celebrating Tom Clement’s 5-year #workiversary! 🎉 We’re excited for the many more years ahead, filled with continued success and collaboration. Cheers to Tom and all he’s accomplished these last five years!

Your shopping habits impact your community! Choose to #buynearbymi!

Let's all band together and make this October 4-6 a successful Buy Nearby Weekend for our Michigan retailers!

Order your business a free Survival Kit and you could win! https://lnkd.in/g69KExKP

𝐌𝐢𝐜𝐡𝐢𝐠𝐚𝐧 𝐑𝐞𝐭𝐚𝐢𝐥𝐞𝐫𝐬’ 𝐉𝐮𝐥𝐲 𝐒𝐚𝐥𝐞𝐬 𝐒𝐞𝐞 𝐑𝐢𝐬𝐞 𝐎𝐯𝐞𝐫 𝐉𝐮𝐧𝐞 𝟣𝟢𝟢-𝗉𝗈𝗂𝗇𝗍 𝖨𝗇𝖽𝖾𝗑 𝗆𝖺𝗋𝗄𝖾𝗋 𝗋𝖾𝖺𝖼𝗁𝖾𝗌 𝗁𝗂𝗀𝗁𝖾𝗌𝗍 𝗉𝗈𝗂𝗇𝗍 𝗌𝗂𝗇𝖼𝖾 𝖥𝖾𝖻𝗋𝗎𝖺𝗋𝗒 𝟤𝟢𝟤𝟦 Michigan Retailers Association today reports that July 2024 sales rose over June, landing at 47.5 on the 100-point Retail Index. The June 2024 Retail Index came in at 43.3. The 100-point Index provides a snapshot of the state’s overall retail industry. Index values above 50 generally indicate positive activity, the higher the number, the stronger the activity. The seasonally adjusted performance Index is conducted by Michigan Retailers Association (MRA) in cooperation with the Federal Reserve Bank of Chicago’s Detroit branch. Forty-seven percent noted an increase over June sales, 40% of Michigan retailers surveyed reported a sales decrease and 13% reported no change. “July’s rise in sales shows that Michigan’s retail industry continues to adapt, despite ongoing economic challenges. While we haven’t yet reached the strong growth levels we’ve aimed for in the last year, this positive momentum is encouraging, and we remain optimistic as retailers head toward the holidays,” said William J. Hallan, President and CEO of the Michigan Retailers Association. 𝐓𝐡𝐫𝐞𝐞-𝐌𝐨𝐧𝐭𝐡 𝐎𝐩𝐭𝐢𝐦𝐢𝐬𝐦 𝐑𝐢𝐬𝐞𝐬 𝐅𝐨𝐫 𝐒𝐞𝐜𝐨𝐧𝐝 𝐂𝐨𝐧𝐬𝐞𝐜𝐮𝐭𝐢𝐯𝐞 𝐌𝐨𝐧𝐭𝐡 When asked to predict their sales outlook for the next three months, 59% of retailers predicted their sales will continue to rise through October and 26% said they expect their sales to decline. Fifteen percent anticipate no change. That results in an Index rating of 67.4, an increase over June’s 66.0. “As we look forward to celebrating Buy Nearby Weekend on October 4-6, we encourage everyone to shop local and keep dollars circulating within our communities. Our recent economic survey shows that if Michiganders redirected 10% of their estimated $36.5 billion in out-of-state e-commerce, Michigan would gain $2.6 billion in gross economic output,” said Hallan. 𝐑𝐞𝐭𝐚𝐢𝐥 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐕𝐨𝐥𝐮𝐦𝐞 𝐯𝐬. 𝟐𝟎𝟐𝟑 According to Michigan Retailers Association volume reports, hardware and home repair retailers saw the biggest year-over-year increase in volume (34.18%) while clothing and shoes reported the biggest decrease, down 36.38%. 𝐔𝐧𝐞𝐦𝐩𝐥𝐨𝐲𝐦𝐞𝐧𝐭 𝐑𝐚𝐭𝐞𝐬 The national unemployment rate in July rose to 4.3%, over June’s 4.1%. Last year, the national unemployment rate was 3.5%. The unemployment rate for Michigan has preliminarily been announced at 4.4% for July. Last year, the rate came in at 3.8%.