August 21, 2023


The following analysis examines the recently released 2Q retail data from the U.S. Census Bureau, including a review of how much digital sales contributed to overall growth and the relative performance of Amazon, Walmart, and Target to the broader market.


While eCommerce and physical stores work in concert with each other, and the consumer seamlessly shops across both, the analysis breaks apart the channels to provide better context on what’s driving growth.

Key Takeaways

  1. U.S. retail sales grew at the slowest rate since 2Q20
  2. Digital sales growth helped offset declines in physical store channels
  3. More than half of Walmart’s 2Q dollar growth came from its digital channels
  4. Amazon outpaced its peers in 2Q, growing the equivalent of an Ulta

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