The retail industry is undergoing drastic changes in a short period of time on a global scale. Consumer behaviors that were previously taken for granted have now shifted to the point where firms that are unable to adapt cannot compete.
Retail sales account for nearly 20% of world GDP. Many small retailers have been forced to close in the past year due to COVID. The pandemic has hastened the shift towards online retail. Being one of the most impacted industries worldwide, the return to normalcy as vaccination rates increase and COVID restrictions are loosened will be hard to predict.
Being aware of the latest in macroeconomic tendencies is a necessity. Access to the latest data and trends in retail for the United States, Puerto Rico, and the world is available here.
Some indicators include:
Total imports and exports by category in the United States and Puerto Rico