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EMARKETER

Retail & Ecommerce Earnings Q2 2025

Value and Convenience Drive Retail Gains, but Tariffs Will Test Consumer Resilience

Report by Zak Stambor, Rachel Wolff  |  Sep 5, 2025
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Table of Contents
Executive Summary
Value and convenience drive retail gains, but tariffs will test consumer resilience
Retailers bet on new growth paths to survive the soft housing market
Amazon and Walmart pulled ahead in Q2, but Target is still bogged down
Off-price retailers see opportunities to take share as momentum picks up
Sources
Media Gallery
About This Report
Tariffs and inflation are reshaping retail, pushing shoppers toward value and convenience. Off-price chains gained ground, while housing-linked retailers sought new growth paths in a slowing market.
Topics
Retail Ecommerce Sales
United States
Table of Contents
Executive Summary
Value and convenience drive retail gains, but tariffs will test consumer resilience
Retailers bet on new growth paths to survive the soft housing market
Amazon and Walmart pulled ahead in Q2, but Target is still bogged down
Off-price retailers see opportunities to take share as momentum picks up
Sources
Media Gallery

Tariffs and inflation are testing consumer resilience. Value-driven retailers are gaining share, while housing-linked players pivot strategies. Off-price chains emerge as winners in a volatile market where resilience is uneven.

Key question: What do Q2 2025 retail earnings tell us about how key retail segments are performing during a time of significant economic uncertainty?

Revenues of Major Retailers: Mass, Off-Price, and Home Retailers Gain Momentum in Q2
E-Mail ChartDownload

Key Stat: Sales accelerated in each key category tracked in this report, with home improvement/furnishings, mass merchants, and off-price all rising between 3.7% and 6.8%.

Here’s what’s in the full report

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Table of Contents

  1. Executive Summary
  2. Value and convenience drive retail gains, but tariffs will test consumer resilience
  3. Retailers bet on new growth paths to survive the soft housing market
  1. Amazon and Walmart pulled ahead in Q2, but Target is still bogged down
  2. Off-price retailers see opportunities to take share as momentum picks up
  3. Sources
  1. Media Gallery

Charts in This Report

Revenues of Major Retailers: Mass, Off-Price, and Home Retailers Gain Momentum in Q2Leading Home Retailers Build Growth Despite Housing Headwinds
Amazon and Walmart Race Ahead as Target's Woes ContinueOff-Price Retailers Gained Momentum in Q2 as Consumers Sought Value

authors

Zak Stambor, Rachel Wolff

Contributors

Karen Jacobs
Brian Lau
Senior Forecasting Analyst
Cindy Liu
Senior Forecasting Analyst
Tyler Van Dyke
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