New York, NY, November 29, 2005--Chain store retail sales fell 0.7 percent in the week ended November 26, compared with 1.0 percent rise the previous week, the International Council of Shopping Centers and UBS said in a joint report.
But compared with the same week a year ago, sales grew to 5.1 percent, the strongest year-over-year performance since June 12, 2004 when it was 5.3 percent, after a 4.2 percent rise the preceding week.
"The traditional holiday shopping season is now underway with last week's sales. Although there was considerable hype and huge crowds, the initial 'spending blitz' on Black Friday and the sales on the days immediately following should not be used as a bellwether for the season as a whole," said Michael P. Niemira, ICSC's chief economist and director of research.
"The industry has several key markers of success ahead--which should not be lost sight of. The first of these--which is already upon us--is how well retailers withstand the 'new traditional lull' in sales during the two weeks following Thanksgiving," Niemira added.
For November, ICSC expects comparable chain store sales to rise by 3.5 percent to 4.0 percent, on a year-over-year basis.
The ICSC-UBS Weekly Chain Store Sales Snapshot is compiled from a group of major discount, department and chain stores across the country that report their weekly results.
