This year is looking to be a good one for retailers in Richmond, if taxable sales data for the first quarter are any indication.
Bolstered by increased spending on such items as furniture, clothing and restaurant meals, sales receipts for businesses in Chesterfield, Henrico and Richmond totaled $2.6 billion, a 5.4 percent increase over the first quarter of 2010.
The latest total is even with the total for the first quarter of 2009, suggesting that the tide is turning for the local consumer economy.
Spending is up in several key categories that were hit hard during the recession and housing bust. Furniture sales were up 12 percent for a total of $61.51 million. Also up were clothing sales, which brought in $152.2 million in sales this past quarter, a 6.4 percent increase from last year.
Sales continue to climb at local restaurants, growing 9 percent in the first quarter compared with the same quarter last year for a total of $304.11 million.
The biggest spending category is still general merchandise stores, such as Wal-Mart and Target, which combined for $459.53 million. That is a slight increase of just under 1 percent over the same period last year.
The strong first quarter is a good sign for local businesses, which saw total sales decline 9 percent each year in 2008 and 2009. Total sales for 2010 showed that the bleeding had started to slow, decreasing only 1 percent from the previous year.
This year is looking to be a good one for retailers in Richmond, if taxable sales data for the first quarter are any indication.
Bolstered by increased spending on such items as furniture, clothing and restaurant meals, sales receipts for businesses in Chesterfield, Henrico and Richmond totaled $2.6 billion, a 5.4 percent increase over the first quarter of 2010.
The latest total is even with the total for the first quarter of 2009, suggesting that the tide is turning for the local consumer economy.
Spending is up in several key categories that were hit hard during the recession and housing bust. Furniture sales were up 12 percent for a total of $61.51 million. Also up were clothing sales, which brought in $152.2 million in sales this past quarter, a 6.4 percent increase from last year.
Sales continue to climb at local restaurants, growing 9 percent in the first quarter compared with the same quarter last year for a total of $304.11 million.
The biggest spending category is still general merchandise stores, such as Wal-Mart and Target, which combined for $459.53 million. That is a slight increase of just under 1 percent over the same period last year.
The strong first quarter is a good sign for local businesses, which saw total sales decline 9 percent each year in 2008 and 2009. Total sales for 2010 showed that the bleeding had started to slow, decreasing only 1 percent from the previous year.