NEW YORK (MNI) – The International Council of Shopping Centers
Thursday issued the following:
Despite a strong posting for the week of Black Friday, U.S.
chain-store sales had a modest 1.7% (excluding drug stores) gain for
the fiscal month of November on a year-over-year basis according to the
International Council of Shopping Centers (ICSC).
“Three factors were responsible for the below plan performance,”
said Michael P. Niemira, vice president of research and chief economist
for ICSC. “First, the impact of Superstorm Sandy on the first two weeks
of the fiscal month; second, online sales made during the final week of
the month actually will be booked during December’s fiscal month once
the items are shipped; and third, the strength of lay-away purchases
during November which also will be booked in December once the
full-payments are made.”
As a result of this shift of sales into December, ICSC research
anticipates that the sales pace for the month will accelerate to
4.0-4.5%, keeping ICSC’s holiday (November-December combined) forecast
of 3.0% on-track.
** MNI Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,M$U$$$]