Retail sales expected to grow in 2011

2/17/2011

Small business owners in the retail sector should have plenty to look forward to in 2011, with a recent report from the National Retail Federation indicating that industry sales are set to grow 4 percent from last year.

For the past seven months, retailers have seen significant growth and the 2010 holiday season was especially noteworthy, with many stores seeing better than expected sales. The NRF's outlook should give retailers the confidence they need to begin using commercial loans for expansionary plans, such as hiring additional workers and acquiring new equipment.

"With retailers leading the charge, the economic recovery appears to be gaining some steam," said NRF president and CEO Matthew Shay. "The fate of the Main Street resurgence ultimately rests with policymakers on Capitol Hill. As Congress begins tackling key issues like deficit reduction and tax reform, it is critical we support policies that encourage job creation, consumption and business investment."

Retailers may also want to consider developing ecommerce websites if they haven't already. According to a comScore report, American consumers spent a record-breaking $43 billion shopping online, which marks a significant 11 percent year-over-year growth.