As we approach the release of a Coronavirus Vaccine and continue Australia’s great record of very few cases, things are starting to look up for the economy. This is evident in the retail spending which shows a huge bounce back and recovery, especially from Victorians who were locked down for an extended period.

A report released this week by the Australian Bureau of Statistics has shown that retail figures for October staged a major comeback, with an impressive 1.4% compared to September and 7.1 percent higher than the same time last year. This figure equates to $29.6 billion in sales.

The Australian Bureau of Statistics attribute this big gain to the easing of restrictions in Victoria and is promising signs that Melbourne retail will get back on it’s feet. That state recorded an increase of $5.1 per cent whereas there were falls in Queensland, Tasmania, Norther Territory and ACT. Retail sales were slightly up in New South Wales, Western Australian and South Australia.

The beneficiaries of the increased in retail trade were mostly cafes, restaurants, take way food, department stores, accessories, clothing and footwear. The losers were household goods where many customers had already stocked up on everything they required at the start of the pandemic.

Supermarkets and grocery stores that benefited from panic buying as expected dropped in sales.

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Coronavirus has caused a lot of store closure around the country, some by force and some voluntarily. Places that had a higher risk of transferring the Corona Virus including restaurants, gyms and pubs were forced to shut down. Other stores have chosen to voluntarily shut down due a complete drop in the traffic to these stores. Those employees of these chains that have temporarily shut down versus going out of business have had to look for other means of an income such as the newstart allowance.

Two major chains that have recently closed all it’s retail stores are Adairs and Kathmandu. Adairs announced that it would shut all it’s bricks and mortar stores for six weeks to ensure the safety of their customers and staff. Adairs’ New Zealand stores have already closed due to the level 4 restrictions.

Kathmandu has also closed all its Australian and New Zealand stores which number 170. They also own Rip Curl stores of which they have closed all 100 of them. They have over 2000 staff in Australia and all will be told that they will be stood down without pay for 4 weeks. They will however be able to use their leave entitlements over this time. Shareholders will also be affected by the virus with a suspension of dividends.

If you want to continue shopping at Adairs, visit their online store which is still open. Use an Adairs promo code with your purchase to get a great deal.