Danish stores set March record after reopening

shops stores DenmarkPhoto: Henning Bagger / Ritzau Scanpix via AP
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Retail sales in Danish stores rose by 19.8% from February to March – the highest recorded level – after they were allowed to open their doors again.

Sales of new clothing in particular, which doubled, boosted trade volumes, seasonally adjusted figures from Statistics Denmark show. The stores reopened on March 1 – they had been closed since December.

“Retail sales have never progressed so much in the history of statistics. This is due to the fact that the stores were closed in January and February,” chief economist Troels Kromand Danielsen at the bank Nykredit explained.

However, the good sales figures do not offset the decline that followed the shutdown in January and February.

Optimism

If one compares the first quarter of the year with the same period last year, the numbers are still bad. But according to the economist, there is some reason for optimism.

He expects further growth in the coming months.

“The Danes have largely maintained their income while many opportunities for consumption have been closed. So the savings are huge, and there is a lot of money to spend,” Danielsen noted.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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