What: Three charts to illustrate US uneven and unequal progress with shoppers returning to stores.

Why it is important: Despite remaining uncertainties, Moody’s is optimistic. In early May, the credit rating service revised its outlook for the US apparel and retail sector to positive versus stable.

The recovery this spring has been uneven, with spending surging after the US government sent stimulus checks to many Americans. But foot traffic remains significantly below levels seen in the same period in 2019.

![Retail’s uneven recovery 1

But the recovery will not be evenly felt across the industry. Retailers that performed well during the pandemic, like Ulta Beauty, are seeing better traffic than in 2019. And value-driven retailers like T.J. Maxx, which still offer shoppers a bargain experience that is not yet easily replicated online, are also seeing traffic surges after a year of store closures.

![Retail’s uneven recovery 2

Department stores are struggling, with Nordstrom, Macy’s and Bloomingdales among the retailers still down from pre-pandemic traffic levels, though improved from February.

Mall stalemates L Brands, Macy’s and Gap are seeing their stock prices recover after sharp declines in the early months of 2020 — a sign investors are optimistic about the future of the category.

![Retail’s uneven recovery 3

Retail’s Uneven Recovery in Three Charts