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00:00:02
>> Walmart shares soaring Thursday, after the company reported it's strongest sales growth in more than a decade. Those gains being fueled by shoppers flocking to stores for clothes and groceries. A sector the world's largest retailer has thrown money at, to compete with Amazon. Reuters' retail expert, Jharonne Martis.
00:00:25
>> Most of the consumer spending, most of the retail spending in the United States, still happens in-store. In fact, over 90% stores happens in brick and mortar. And for the most part consumers still wanna go, and look at the groceries, and buy them themselves, go into the store and try on the shoes.
00:00:41
So this also is benefiting Walmart, especially for the fact that they're located within ten miles of 90% of their core consumer. So they're definitely taking advantage of the location of their supercenters.>> But Walmart sales boom isn't only happening in stores, it appears it's efforts to take on the Bezos' own giant in the digital space are paying off, too.
00:01:05
As it reported a 40% jump in ecommerce sales in the US during the second quarter. But it wasn't all good news in the retail space Thursday, department store chain JC Penney was down more than 20% after it reported wider than expected losses.>> In general the department stores are not resonating as well with the millenials who make up the biggest portion of the US consumer.
00:01:31
Their fashion merchandise doesn't resonate much with them. And as a result, especially JC Penney, is now sitting on excessive inventory, which they are trying to clear that merchandise by providing severe mark downs.>> And for the first time since listing on the New York Stock Exchange, JC Penney shares sink below $2,