© Reuters. 2 Top Retail Stocks to Buy and Hold for the Foreseeable FutureSolid progress on the coronavirus vaccination front and a consequent increase in shopping at brick & mortar stores is driving the retail industry’s rebound. This, along with their strengthening of their digital platforms, should help Walmart (NYSE:) and Target Corporation (NYSE:) dominate the retail space. So, we think it could be wise to now buy and hold these stocks.Brick & mortar stores have been witnessing rising foot traffic over the past couple of months thanks to a robust COVID-19 vaccination drive and the easing of social distancing protocols and mask mandates. With 43.7% of the U.S. population fully vaccinated as of June 14, people are opting for in-person shopping after more than a year of purchasing online. Physical stores should continue to witness rising sales because the government aims to vaccinate at least 70% of the population with at least one dose by July 4.
The National Retail Federation (NRF) expects retail sales to grow between 10.5% -13.5% to an estimated $4.44 trillion to $4.56 trillion this year. NRF expects the retail industry’s growth rate to be “the fastest growth that we’ve seen in this country since 1984.”
Current market trends indicate that people prefer retail shopping at physical stores over online shopping. In light of all these developments, we think major retail companies Walmart Inc. (WMT) and Target Corporation (TGT), which also strengthened their online platforms amid the pandemic, should grow significantly for the foreseeable future.
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