New York, NY, December 5, 2006--Chain store sales for the week ended Dec. 2 rose 3.1% from the year-ago period, according to a survey by the International Council of Shopping Centers, Inc. and UBS Securities released Tuesday.
On a week-over-week basis, sales slipped 2.6%. "Through this past Sunday, consumers shopped less and completed less of their total expected holiday spending than even last year," said Michael Niemira, ICSC's chief economist.
For December, ICSC expects sales to grow by 2.5% to 3%. Niemira said just 25% of households have completed only 50% or more of their total holiday shopping thus far, well below the 32% from the same point last year and even two years ago. "Consumers are procrastinating a little more than in recent years and potentially suggests a stronger late wave of holiday buying," he said
