Shoppers held back in February as cold weather and a sluggish housing market caused many people to curtail their spending.
The U.S. Commerce Department on Tuesday reported that retail sales were up 0.1 percent from January. Analysts were expecting an increase of 0.3 percent. Sales were were up 3.2 percent from February 2006.
The lower-than-expected numbers and worries about the subprime mortgage market led to a sharp decline in stocks Tuesday.
The Colorado Department of Revenue reports state-specific retail sales data, but the information is typically a few months delayed and won’t be available until later in the year.
Cherry Creek mall manager Nick LeMasters said it’s too soon to tell how retailers at his center fared in February.
Conversations with several of the mall’s tenants have led him to believe the results will be mixed.
“A few tenants told me February was outstanding for them,” he said. “Some said they met their expectations, and still a few others were disappointed.”
Sellers of luxury goods generally performed well, extending a trend the mall has seen for several months.
Peggy Ziglin, a spokeswoman for Outlets of Colorado, said the state’s retailers may have outperformed national retailers because of pent-up demand created when multiple storms kept shoppers home earlier in the year.
Outlets of Colorado operates outlet malls in Castle Rock, Loveland and Silverthorne.
“People seemed to come back in late January and February. (They were) utilizing the gift certificates they couldn’t use in December because of the snow,” said Ziglin, who is also president of the Rocky Mountain Shopping Center Association.
Staff writer Kristi Arellano can be reached at 303-954-1902 or karellano@denverpost.com.
