Despite Amazon launching in Australia this morning, Australian retail shares have had one of their best days in recent weeks.
In afternoon trade here are a few highlights:
The Greencross Limited (ASX: GXL) share price is up almost 2.5% to $5.88.
The Harvey Norman Holdings Limited (ASX: HVN) share price is up 5% to $4.20.
The JB Hi-Fi Limited (ASX: JBH) share price has climbed almost 6% to $25.48.
The Myer Holdings Ltd (ASX: MYR) share price has edged almost 2% higher to 78.5 cents.
The Super Retail Group Ltd (ASX: SUL) share price is up over 2% to $8.16.
Why are retail shares higher?
Investors and consumers appear to have been a touch underwhelmed by the long-awaited Amazon launch. Both prices and its product assortment are a touch under expectations in my opinion.
However, it is worth remembering that it is still early days and the retail behemoth will undoubtedly build its offering and become more competitive on pricing over the next few months. So I wouldn't get too excited just yet about a potential recovery in all retail shares.
Retail shares were given an additional boost today from positive data out of the Australian Bureau of Statistics.
According to its release, retail sales in Australia rose 0.5% to $26,050 million in October. Furthermore, the ABS revised its September result higher to 0.1%.
Pleasingly for Domino's Pizza Enterprises Ltd. (ASX: DMP) and Retail Food Group Limited (ASX: RFG), sales from cafes, restaurants, and takeaway food services were the standout with a 1.7% increase.
