Chain store sales outperform industry expectations

- November sales jump by 5.8%

Press Release:

NEW YORK, December 2, 2010 – U.S. chain store sales posted a 5.8 percent year-over-year comparable-store gain for November 2010 according to the International Council of Shopping Centers (ICSC) marking its strongest performance since March of this year.

"Performance for the month outperformed industry expectations, providing a strong jumpstart to the 2010 holiday shopping season, as colder weather and early holiday promotions propelled November sales," said Michael P. Niemira, chief economist and director of research for ICSC. "The fact that consumers are still further behind on their shopping (32.6% complete for the week ending November 28, 2010 versus 42.2% complete for the week ending November 27, 2009) bodes well for December performance and suggests a stronger than expected holiday shopping season in total," Niemira added.

Additionally, performance across the segments was relatively even. Apparel (+6.3%) and department stores (+6.8%) posted the largest gains, but luxury (+5.2%) and discounters (+4.9%) showed strength as well. For discounters, it was their strongest gain since March 2010 (+10.7%), far outpacing their fiscal year-to-date performance of 2.6%.

For December, ICSC Research forecasts industry gains of 3-3.5%. ICSC Research will revise its holiday forecast (Nov.-Dec. combined) in early December, likely upwards by 0.5%-1.0%.