New York, NY, December 28, 2005--Chain store sales rose in a late-holiday surge last week that was partly fueled by this year's late Hanukkah, according to a report issued on Wednesday.
Sales were 2.8 percent higher in the week to Dec. 24, after rising 2.4 percent in the prior week, according to the report produced by the International Council of Shopping Centers (ICSC) and UBS Securities LLC.
Compared with the same week a year ago, sales were up 3.9 percent, matching the prior week's result, the report said.
"Procrastinating consumers and a late Hanukkah (Dec. 25) helped to lift the holiday season's performance," said Michael Niemira, ICSC's chief economist and director of research.
Hanukkah, the Jewish festival of lights, is based on a Hebrew lunar calendar, which means it falls on different dates of the Gregorian calendar every year. This year it began on Christmas day for the first time in decades.
Niemira stressed that with so many gift cards yet to be redeemed, the holiday shopping season is not yet finished.
"While retailers are pleased with last week's performance, the holiday shopping season is far from over, since about 60 percent of gift-card redemptions occur between December 26 and the end of January," Niemira said.
He said sales for the month and the holiday season remain on track for a moderate year-over-year increase of 3.0 percent to 3.5 percent.
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.
