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 got underway
last Friday, retailers enjoyed some early holiday cheer as consumers
woke up early on Black Friday and shopped. Overall for the week ending
November 27, weekly retail sales rose by 0.5 percent after two weeks of
sluggish sales, according to the ICSC-Goldman Sachs Weekly Chain Store
Sales Index. In addition retail sales regained its momentum and rose
sharply by 3.5 percent on a year-over-year basis.
“Consumers were out in force over the last week in search of
bargains as 34 percent of consumersor about 81 million people —
reported shopping on Black or Bargain Friday and the subsequent
weekend,” said Michael Niemira, ICSC director of research and chief
economist. “This was largely as expected and helped to propel the week’s
performance from the prior week. Overall it was a good start to the
season, but consumers continue to report that their holiday gift
shopping pace is well behind last year, which bodes well for the coming
weeks,” Niemira added.
For November, which sales figures will be released on Thursday,
December 2, ICSC Research anticipates that year-over-year
comparable-store sales growth will increase by 3.0 to 4.0 percent,
industry-wide, as more favorable weather and the start of the 2010
holiday shopping season takes hold.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDT$,MAUDS$,M$U$$$]
