Walmart, Target Sales Boom Through the Roof During Coronavirus Pandemic

by Hunter Miller

In the midst of the coronavirus pandemic, sales at major retail chains Walmart and Target are soaring. Both stores are reporting significant upticks in sales in the last quarter.

Walmart released its Q2 earnings on Tuesday morning. The company reported a 97% increase for its US e-commerce sales. Walmart attributes the increase to more customers shopping online during the pandemic, Tech Crunch reports.

At its 3,450 locations, Walmart offers grocery pickup. It also offers same-day delivery at 2,730 stores. In order to meet customer demand, Walmart expanded delivery time slots by 30%.

Walmart also saw a boost in sales this past quarter from the impact of US consumers using government stimulus checks. In the month of July, sales grew by more than 4%. As those funds ran out, sales began to normalize.

Walmart president and CEO Doug McMillon notes that the retailer saw strong sales in items such as cleaning supplies and paper goods such as paper towels.

Much like Walmart, Target Reports Major Sales Boost

Similar to Walmart, sales at Target surged this past quarter. On Wednesday, the retailer said sales at stores open for at least one year grew 24.3%, CNN reports. This marks the largest sales growth in Target’s history.

Rising at 195%, Target also saw a boost in digital sales, including delivery and curbside pickup. The store, deemed an “essential” retailer, also credits its boom in sales to the pandemic. Since March, Target stores across the country stayed open.

Other businesses experiencing sharp sales increases include home improvement chains like Lowe’s and Home Depot. On Wednesday, the retailers reported 35.1% and 25% increases, respectively.

On the contrary, smaller retail chains like JCPenney and Pier 1 suffered the past few months. Both filed for bankruptcy while closing a number of stores. Furthermore, Kohl’s reported a sales drop of 23% last quarter.

So far in 2020, more than 6,000 stores announced plans to permanently close, Coresight Research reports.

[H/T Tech Crunch, CNN]