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ICSC Chain Store Sales rose 3.3% in Nov 24 Wk
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The ICSC‐Goldman Sachs (ICSC‐GS) chain store sales index for the week ending November 24 rose by a strong 3.3% from the prior week as Black Friday promotions, extended holiday‐store hours on Thanksgiving Day and strong online sales propelled the week's performance. On a year‐over‐year basis, the ICSC‐GS sales index posted a strong 4.0% gain for the week, which was the strongest weekly showing since May 12, 2012 (+4.5%).
Weather conditions were favorable for shopping. According to Weather Trends International, “The final week of the retail November was the fourth warmest and third driest in more than 21 years for the U.S. as a whole…Black Friday yielded excellent weather in the East as mild and dry weather was favorable for store traffic. A cold front sweeping eastward across the nation brought a much colder day on Friday to the Central U.S. which will have favored seasonal gift categories like electric blankets, outerwear, and sweaters. Non‐seasonal gift categories will have seen stronger demand in the West where temperatures trended warmer than last year and normal. The cold front that brought colder weather to the Central U.S. made it to the East Coast by Saturday bringing much colder air to the region. Demand for seasonal gift categories will have been much stronger on Saturday and Sunday in the East. Overall, there were no major weather obstacles for store traffic over the holiday weekend.”
Of those holiday shoppers that already began their holiday buying, a little less than half (45.8%) of their holiday shopping got completed over the past week, according to the ICSC‐GS consumer holiday tracking survey. However, adjusted for the third (31%) of consumers that have yet to begin their holiday shopping at all, the average completion rate for all shoppers was 31.6% compared to 31.9% at the same period in 2011 and 32.6% in 2010. Online sales, according to ComScore, rose strongly by 32% on Thanksgiving Day and 26% year‐over‐year on Black Friday (November 23).
Posted: November 27, 2012 Tuesday 07:45 AM