MasterCard SpendingPulse for Small Business Report Shows Small Retailers’ Sales Growth in July Slows to +6% Y/Y
At +8.2% Year-to-Date, Small Retailers Outperform Total Retail Sales Growth of +5.9%
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PURCHASE, N.Y., and SAN FRANCISCO – August 14, 2012 – A SpendingPulse™ report released today by MasterCard Advisors, the professional services arm of MasterCard (NYSE:MA) in partnership with Wells Fargo (NYSE:WFC), America’s No. 1 small business lender, found that July spending at small retailers slowed to 6% year over year. This was lower than June’s small retailer growth rate of 8%. The July report also found that with or without food service and gasoline sales, July’s small business growth was the lowest for the past 12 months. Michael McNamara, Global Solutions Leader, MasterCard SpendingPulse, noted that “While this is a notable slowdown in the category’s year-over-year growth, from prior months and from the first quarter’s very robust 9.1% growth, we’re still seeing small retailers outperforming total U.S. retail.”
Marc Bernstein, head of Small Business for Wells Fargo added, “Although the data in this report is still showing growth in small business retail sales, we continue to see the sluggish economy having an impact on small business overall.” In the U.S., small retailers account for over $100 billion in retail sales excluding automobiles per month.
This is the second report of MasterCard SpendingPulse for Small Business, looking at retailers with less than $35 million in annual sales and less than 200 employees — most have less than $10 million in annual sales. Each MasterCard SpendingPulse for Small Business report includes information about current retail sales (excluding autos and gasoline), year-over-year growth in total retail sales (excluding automotive sales), as well as views with and without food services.
About MasterCard SpendingPulse
A macro‐economic indicator, MasterCard SpendingPulse reports on national retail sales and is based on aggregate sales activity in the MasterCard payments network, coupled with estimates for all other payment forms, including cash and check. MasterCard SpendingPulse does not represent MasterCard financial performance. SpendingPulse is provided by MasterCardAdvisors, the professional services arm of MasterCard International Incorporated.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With approximately 265,000 full-time equivalent team members, Wells Fargo serves one in three households in United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
Wells Fargo loans more money to America’s small businesses than any other bank (2002-2010 Community Reinvestment Act government data) and is a leading lender to women- and diverse-owned businesses. Wells Fargo provides a wide range of financial solutions to meet the needs of business owners nationwide. Through the Wells Fargo Business Insight Resource Center, business owners can access an informative selection of videos and articles featuring expert advice and best practices. For more information visit wellsfargo.com/biz or call the National Business Banking Center at 1-800-CALL-WELLS.
About MasterCard Advisors
As the professional services arm of MasterCard Worldwide, MasterCard Advisors is uniquely qualified to provide clients with insights and solutions that drive tangible impact and financial gain. MasterCard Advisors provides payments consulting, information, analytics, and customized services that deliver value to its customers. In doing so, the company uses information to create products and services in which privacy and security are fundamental to their design. A technology company that is an electronic payments leader, MasterCard is committed to the responsible use of information and pledges strong privacy protection for the transaction data the company processes. Its information management practices support the company’s mission to make payments safe, simple and smart. For more information, go to www.mastercardadvisors.com
MasterCard (NYSE: MA), www.mastercard.com, is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.
Meir Kahtan Public Relations, LLC
For Wells Fargo:
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