Research >> Economics
ICSC Chain Store Sales down 0.6% in Nov 20 Wk
As the traditional start of the 2010 holiday season begins this week, consumers took a pre-holiday break from shopping this past week to prepare for Thanksgiving and get prepared for Black Friday shopping with about a third of consumers saying they will be out shopping that day. As a result weekly retail slipped (-0.6%) once again, according to the ICSC-Goldman Sachs Weekly Chain Store Sales Index. In addition retail sales lost some of its momentum and slowed (2.8%) on a year-over-year basis.
“Weekly retail sales experienced a pre-holiday lull ahead of the ‘Black’ or more appropriately ‘Bargain’ Friday shopping and the traditional start of the 2010 holiday season,” said Michael Niemira, ICSC director of research and chief economist. “Despite last weeks results, ICSC still anticipates a relatively robust month for sales with bargain hunters helping to propel the overall month results,” Niemira added.
ICSC Research continues to expect November sales to increase between 3.0% and 4.0%.
Posted: November 23, 2010 Tuesday 07:45 AM