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CIT TRADE FINANCE: Middle-market retailers cautiously optimistic for holiday.
Details on Industry Insight.
NEW YORK (November 23, 2010) – 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.
“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 week’s results, ICSC still anticipates a relatively robust month for sales with bargain hunters helping to propel the overall month results,” Niemira added.
For November, 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.