WASHINGTON (MNI) – The following is the commentary from the
ICSC-Goldman Sachs Weekly Chain Store Sales Snapshot released Tuesday:
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%.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDT$,MAUDS$,M$U$$$]