NORFOLK, Va. — We’ve been keeping an eye on the state of retail throughout the pandemic.
The Retail Alliance in Norfolk releases a quarterly report based on a survey sent out to local business owners.
The latest results are a stark contrast to what we saw closer to the end of last year.
Back in October, only 18% of businesses said they were starting to see signs of growth again compared to pre-pandemic sales.
That number has jumped to 43% - a sure sign that things are getting better.
Of those business owners seeing growth, about 7% said they’ve tripled their pre-pandemic sales.
Five percent are seeing a 150-199% increase. Fourteen percent report a 125-149% hike.
According to the latest survey, almost half of local retailers are doubling their pre-pandemic profits.
Twenty-six percent have seen their sales return to normal.
Restaurants are slower to recover, according to the survey.
Just over 1/3 of local restaurant owners surveyed said they’re making more money now than they were pre-pandemic.
When it comes to the confidence level over the next six months for all local retailers, we’re seeing a lot of optimism.
Eighteen percent are "extremely confident" about the near future - while 39% are "very confident" and 35% are "somewhat confident."
Only 1% of local business owners who responded to the latest survey believe they’ll have to close.
You can check out the full report for more details.