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ICSC Chain Store Sales dipped 0.1% in Nov 21 Wk
The International Council of Shopping Centers and Goldman Sachs Retail Chain Store Sales Index was unchanged in the week ended Saturday from its level a week before on a seasonally adjusted, comparable-store basis. On a year-on-year basis, the reading climbed 3.3%, with an easy comparison allowing the figure to post its biggest increase since July 2007.
Nonetheless, ICSC trimmed its forecast for November same-store sales growth to 4% to 6% from 5% to 8%. But ICSC chief economist Michael P. Niemira noted, "So much of the monthly performance rides on Bargain Friday shopping" the day after Thanksgiving. The group also noted that 15% of households have completed at least half of their holiday shopping, the highest level in five years.
Posted: November 24, 2009 Tuesday 07:45 AM