2024 Forecast: A ‘more normal’ year for Maine retailers

File Photo / Tim Greenway Curtis Picard, president and CEO of the Retail Association of Maine

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When it comes to Maine’s retail sector, boring isn’t necessarily bad in the eyes of Curtis Picard, president and CEO of the Augusta-based Retail Association of Maine.

He predicts 2024 as a “little bit more normal” compared to the years preceding the pandemic and more in line with the overall 10-year average.

“We don’t seem to be dealing with 9% inflation and workforce shortage and supply chain issues,” he says. “Things have kind of evened out and returned to more normal.”

He notes that while workforce challenges are not over, they have improved over the last 12 to 18 months, with a lot of retailers fully employed or very close to full employment.

Picard also welcomed dovish signals from the Federal Reserve, at its December meeting, that it may cut interest rates three times this year as “a good indicator.”

Headwinds for the retail sector in 2024 include political instability worldwide that could spark supply chain or other disruptions, and inflation risks.

“It seems like inflation has moderated, but people are still acclimating to paying higher prices for a lot of things,” he says. “I’m in the market to buy a new car and I’m not looking forward to it.”