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Fri February 25, 2011
Gas prices & Michigan retailers
Rising gasoline prices threaten to take some of the optimism out of a rosy new forecast for retail sales in Michigan. A recent survey of Michigan retailers finds 76% expect to see their sales improve this spring.
Good holiday sales are lifting many business owners expectations for the year ahead.
Tom Scott is with the Michigan Retail Association. Scott says the survey was taken before gasoline prices spiked this week. He says high gas prices could be a problem for retailers.
“But the bigger concern, more than just their own delivery trucks, is generally the effect on consumers. And of course, every dollar a consumer puts in his or her gas tank is a dollar that can’t be spent at the store.”
Scott says a few years ago when gas prices reached four dollars a gallon, retail sales dried up. But he says pent up consumer demand may keep the customers coming, even with high gas prices.