Costco Wholesale Corp reported a 7.0% year-over-year increase in net sales for the retail month of April 2025, reaching $21.18 billion for the four weeks ended May 4. Comparable sales rose by 6.7%, excluding gas and foreign exchange effects, while e-commerce sales grew by 13.0% on the same basis. April's sales performance was affected by one fewer shopping day due to the Easter holiday shift, which negatively impacted sales by approximately 1.5 to 2.0 percentage points. Despite this growth, the increase in sales marks a slowdown compared to March. Meanwhile, same-store retail sales overall showed a 6.9% year-over-year increase for the week ending May 3, indicating steady consumer spending. In the broader retail real estate market, cap rates for retail properties have been slowly falling, contrasting with rising cap rates in other asset classes. This trend is attributed to population growth of 5% since 2020 combined with no increase in retail square footage, suggesting sustained demand for retail spaces. Analysts note that while rising interest rates and investor caution generally push cap rates higher, new capital inflows and demand have kept retail cap rates relatively stable compared to the previous year.