Kingsport’s Continuing Retail Sales Slump
The first quarter retail sales numbers for Kingsport, TN area are out and I have not heard anything from the City of Kingsport concerning the recent decline in retail sales in the first quarter of 2009.
It has been reported in the media that Kingsport’s retail sales were down 2.8 percent in the first quarter. What this means is that the first quarter retail sales are down 2.8 percent as compared to the same quarter last year. What is not reported that the first quarter of 2008 was down 3.5 percent as compared to the first quarter of 2007.
The graph below shows that the 2009 first quarter retail sales are less than first quarter 2006. Data for the retail sales numbers are from ETSU
The table and graph below show the net growth/loss after inflation is applied. Data for inflation is from InflationData.com
While this is just one quarter, one needs to look at the overall picture for the entire year and previous years. The graph below shows the retail sales percent growth after inflation for the Kingsport area for years 2001-2008. Click here for much more detail on previous years.
It should be pointed out that in the last 8 quarters, Kingsport has only had two quarters that have been positive growth when compared against the same quarter the previous year. The two positive retail sales growth quarters can be attributed to new store openings. While it may look like it good growth, one needs to keep in mind that this is incremental growth. The real challenge will be whether Kingsport can keep up this growth given the unemployment situation in Kingsport. Another real question is how much money can you get the citizens to give up in a bad economy? I also might add that the way the second quarter of 2009 is going, it may make another negative growth quarter.
No WhiteWash here, just reporting the facts.