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Itâs raining sales for retailers Shoppers started spending last year and havenât stopped, with retailers still enjoying boom conditions despite another feared slowdown.
Business by ELI GREENBLAT
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Subscriber only Shoppers turned on the spending taps in the pandemic last year and haven t stopped in 2021, filling homes with consumer goods and raining money on retailers. Foot traffic in premium shopping centres is growing and retail sales in these centres, in selected categories, is also on the rise. A series of trading updates from major retailers such as Super Retail Group and Nick Scali, as well as mall landlord Vicinity Centres, showed a growing theme of a return of consumer confidence and spending.
Asian Markets Mixed Amid Cautious Trades
CANBERA (dpa-AFX) - Asian stock markets are mixed on Tuesday, following the mixed cues overnight from Wall Street as traders remain worried about the pace of global economic recovery amid a renewed spike in coronavirus cases in the region, with restrictions and lockdowns in several areas. Markets in China and Japan are closed for holidays. Asian stocks ended mostly lower on Monday.
The Australian stock market is modestly higher in choppy trading in positive territory on Tuesday, extending the gains of the previous session, with the benchmark S&P/ASX 200 staying above the 7,000 mark near 14-month highs as traders await the Reserve Bank of Australia monetary policy decision later in the day. Big miners and energy stocks are driving the market, partially offset by the retreat by financial and technology stocks.
Pandemic winners pick up the pace
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Retailers thriving in the pandemic are pouncing on opportunities to open new stores or steal market share from rivals as the surge in spending on furniture, car accessories, camping equipment and even home-delivered pizza continues unabated.
The shifts in consumer behaviour has meant companies that were delivering strong sales and profits in the COVID-19 pandemic last year â including Dominoâs Pizza Enterprises, furniture group Nick Scali, and Super Retail, the owner of the BCF camping chain and Supercheap Auto â are continuing to make strong headway.
Dominoâs Pizza is stepping up expansion in the pandemic.Â