Target announced that winter holiday sales rose solidly as more shoppers bought goods online. Store-based sales increased 4.2%, while digital sales more than doubled from last November and December, according to the Wall Street Journal.
- Innovative e-commerce model: Target has invested heavily in recent years to expand its online business largely by sourcing online orders from stores’ shelves. Around 95% of Target sales in the period were sourced from stores, the Journal noted.
- Retail winners: Most of the top retail performers are those that either stayed open during early lockdowns or those that sell food and home goods. The key was having a robust e-commerce infrastructure already in place! A clearer picture of holiday sales will emerge Friday when the U.S. releases retail sales figures for December.
- Worth Noting: Earlier this week, Lululemon raised its fourth-quarter financial guidance after a strong holiday season as more shoppers bought athletic gear and comfortable clothing. Bed Bath & Beyond’s comparable sales rose 2% in the three months ended Nov. 28 from a year earlier, with online sales up and in-store sales down, WSJ noted. [WSJ]