It’s been more than two years since the notion of a retail apocalypse took hold in the mainstream media—yet it has not arrived. Instead of the predicted demise, retail’s fortunes are looking decidedly rosy, according to a recent feature from the National Retail Federation (NRF).

In July retail sales hit 4.9 percent, a remarkably high growth rate for an industry that’s purportedly in dire straits. In fact, growth this year has been so robust that NRF had to revise its annual sales forecast upward. Initially, a 3.8 percent to 4.4 percent growth for 2018 was expected; that has been revised by NRF to a minimum of 4.5 percent growth, and it could be a lot higher if conditions remain as strong as they are. Retail is growing faster than the rest of the economy at large, buoyed by a confident consumer and a strong economy.

Like any industry, competitive forces, technological disruption and an empowered consumer are creating challenges for some retailers; on a national level, however, business is robust. According to IHL Group’s recent report, “Retail’s Radical Transformation,” 2018 will see a net growth of over 2,000 stores. And IHL’s data shows that for every retailer closing stores, two are opening stores.

Click here to read the full story from the NRF.