2010 holiday retail sales likely to be strongest since 2006, according to ICSC

Press Release:

NEW YORK, October 5, 2010 – The International Council of Shopping Centers (ICSC) is forecasting that the 2010 holiday shopping season (Nov.-Dec.) will increase by 3-3.5 percent over the same period last year, making it the largest increase since 2006 (+4.4%). The ICSC projection is for U.S. retail industry chain stores that have been open for at least one year.

"The key story is that the retail recovery continues and that bodes well for the upcoming holiday shopping season" said Michael P. Niemira, chief economist and director of research for ICSC. "Additionally, we expect holiday hiring to improve moderately over last year and overall employment growth to improve as well, which in turn should support increased spending," Niemira added.

Other common measures of holiday sales performance are projected to follow similar patterns. ICSC’s measure of U.S. "Shopping Center Sales" is projected to grow 3 percent, also its strongest performance since 2006, while a narrower measure, GAFO (General Apparel Furniture Other) store sales, is expected to increase by 2.5 percent.

Founded in 1957, ICSC is the premier global trade association of the shopping center industry. Its more than 55,000 members in over 90 countries include shopping center owners, developers, managers, marketing specialists, investors, retailers and brokers, as well as academics and public officials.As the global industry trade association, ICSC links with more than 25 national and regional shopping center councils throughout the world. For more information, visit www.icsc.org.