Michael Zimmerman hedge fund Prentice Capital is noting that retail sales gained 0.3 percent in the most recent figures for May.
Online PR News – 15-July-2014 – New York – Michael Zimmerman, CEO of hedge fund Prentice Capital is noting that retail sales gained 0.3 percent in the most recent figures for May. While that was below the 0.6 percent rise expected on Wall Street the data did little to alter views the economy is regaining steam.
The Commerce Department said on Thursday, "The continued gains during the first two months of the second quarter suggests that consumers are continuing to hold their side of the bargain, building on the strong momentum at the end of the last quarter," said Millan Mulraine, deputy chief economist at TD Securities in New York.
"There is an emerging positive story for consumers and the potential for a virtuous cycle to take hold," said Jim Baird, chief investment officer at Plante Moran Financial Advisors.
It's no surprise then that Prentice Capital's Zimmerman, the former SAC retail equity specialist has recently announced a string of investments in online Retail stocks including Gaiam, dELiA*s and PacSun, as revealed through mandatory SEC disclosures of substantial shareholdings.
Michael Zimmerman believes retailers integrating mobile devices into their online strategy have the strongest opportunity for growth. Zimmerman’s view is that online shopping will continue to take share, the emergence of tablets and bigger phones is accelerating the online vs. bricks and mortar struggle.
These positive economic numbers support Zimmermans bullish position on retail equities, opinion that is confirmed by booming global internet sales figures and confidence in mcommerce. Mobile phones and tablets were also found to be generating even more traffic, accounting for almost a quarter of hits in June.
The value of mobile commerce transactions conducted via mobile devices is expected to exceed $3.2 trillion by 2017, rising from $1.5 trillion this year, according to a new report from Juniper Research.
The conference board's consumer sentiment index climbed to 68.1 for April, surpassing the highest Bloomberg economist survey estimations, further buttressing the economic climate.