Holiday Sales to Grow, But Big Chains Getting Smaller Piece
- Deloitte expects purchases to rise about 4 percent this season
- Shoppers spending more money at small and midsize retailers
Shopping in New York.
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U.S. retail sales will grow about 4 percent this holiday season, buoyed by a better job market, according to a forecast by Deloitte LLP. Still, the news isn’t all good for big retail chains.
Consumers are increasingly buying gifts at niche retailers, potentially pulling spending away from places like Wal-Mart Stores Inc. and Macy’s Inc., Deloitte said in an annual report released on Wednesday. Upstart companies -- think Bonobos or Fabletics -- have collectively steered $200 billion in annual sales away from big chains over the last five years, the consulting firm estimates.