Consumer spending has come to nearly a halt amid inflation that while cooling is still elevated.
In June, retail sales were stagnant compared to the previous month. During May, the category only saw a modest 0.3 percent increase from April. Monster gains have been tough to come by in the industry, as of late.
Spence Mehl, partner at RCS Real Estate Advisors, who focuses on clients in the retail sector, said that some struggles are mainly coming from non-luxury players. Macy's, for example, posted net sales of just $4.8 billion in the first quarter, a 2.7 percent dip year-over-year.
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