Palomar Press Briefing | May 19, 2021

INDUSTRY NEWS

May 19, 2021

PALOMAR BRAND AMBASSADOR GREYSON SIGG SECURES PGA TOUR CARD AFTER HIS WIN AT THE VISIT KNOXVILLE OPEN

Sigg, who opened the week with a 61, fired a final-round 66 and snagged the victory at Holston Hills Country Club in Knoxville, Tennessee, the first professional win for the 26-year-old University of Georgia product.

RETAIL CHAIN OPENINGS OUTPACE CLOSURES TO START 2021

For once, retail in the U.S. has a positive story to tell. Among U.S. chain retailers, announced store openings for this year account for more square footage than announced store closures, according to Coresight Research’s monthly U.S. Store Tracker Extra report.

U.S. MANUFACTURING PRODUCTION RISES IN APRIL

Output at U.S. factories increased in April as operations at plants that were damaged by February’s stormy weather in the South came back online, offsetting a decline in the production of motor vehicles. Manufacturing production rose 0.4% last month after surging 3.1% in March.

REIT SHARES DECLINED AGAIN LAST WEEK

REIT share prices declined again last week, with a negative 1.2% total return on the FTSE Nareit All Equity REITs Index. Residential REITs edged up 0.1%, but all other property sectors were in the red, with the largest declines among timber (-3.6%), retail (-2.9%), and diversified REITs (-2.8%).

STARBUCKS, PUBLIX AND OTHER PLACES LOOSEN MASK RESTRICTIONS FOR FULLY VACCINATED

Starbucks, Publix and Walt Disney World are the latest companies to change their masking policies Saturday following new guidance from the Centers for Disease Control and Prevention. They join Trader Joe’s, Walmart, Sam’s Club and Costco, which all announced changes to their policies in recent days changes.

CORE RETAIL SALES STALL IN APRIL BUT ARE UP 28.8% YEAR-OVER-YEAR

Retail sales in the United States unexpectedly stalled in April as consumers pulled back in certain categories following a sharp increase in March. According to the National Retail Federation, retail sales were down 1.3% seasonally adjusted from March but rose 28.8% unadjusted year-over-year.

WALMART BLOWS PAST Q1 ESTIMATES; EXPANDING PRICE CUTS AMID INFLATION

Walmart is relying on price cuts to stand out from its competitors and gain market share as inflation drives up prices on a wide range of goods and the pandemic eases its grip. The retail giant had about 30% more discounts in its stores during the first quarter than in the year-ago period.

BIG RETAILERS LIKE WALMART, MACY’S SEE SHOPPERS BACK IN STORES

More Americans are starting to shop in stores again for everything from sports equipment to jewelry, Walmart Inc., Macy’s Inc, and Home Depot Inc., said on Tuesday, as Covid-19 restrictions ease and the U.S. economy opens up.