2023 Forecast: ‘Cloudy’ picture in store for Maine’s retail sector

Photo / Tim Greenway Curtis Picard is president and CEO of the Retail Association of Maine.

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Despite signs of a strong holiday shopping season in 2022, Curtis Picard, president and CEO of the Retail Association of Maine, has concerns about the sector in 2023.

“The forecast is cloudy,” he says. “Consumers are still spending, but there are still concerns on the horizon with high energy costs and inflation staying high, and workforce shortages have persisted.”

The National Retail Federation predicted a 6% to 8% jump in 2022 holiday sales over 2021, or total sales of $942.6 billion and $960.4 billion.

While the Retail Association of Maine won’t have definitive information on 2022 holiday sales until February, anecdotal information suggests a strong showing to Picard.

“I’m pleasantly surprised that 2022 has continued to seem to be a strong year for retail,” he says. “All indications are that the holiday season is actually shaping up pretty well.”

Elsewhere in Maine’s sector, Picard says many retailers have figured out solutions to the workforce shortages by, for example, reducing their opening hours.

He also notes that while downtowns including Topsham, where he lives, and Brunswick, are both “very vibrant” for shopping, the Maine Mall in South Portland remains “really solid.”

“I was there in the early part of the fall and it was busy,” he says. “It was almost reminiscent of the 1980s. The Maine Mall has done a good job of really attracting some solid anchors,” including Jordan’s Furniture, the Apple Store and Best Buy.

“Now there are reasons for folks to go to the mall,” he says.

Nor has the Maine Mall been hurt by competition from stores at Rock Row in Westbrook as some had initially feared, he says, noting: “Both of them have been able to co-exist so far.”