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Oct. retail sales up, Nov. outlook positive
November 9th, 2009, 6:49 am · 4 Comments · posted by Lisa Liddane, retail reporter
Is the retail industry showing signs of recovery?
Yes, according to the International Council of Shopping Centers’ (ICSC). Store sales for October increased by 2.1 percent from the same month in 2008, according to a tally of 32 retail-chain stores by the council. It was the second consecutive monthly increase for the industry following 13 monthly declines, and the strongest gain since April 2008.
And there’s positive news for the luxury department-store sector: it had an increase of 1.8 percent in store sales for Oct., the first sign of improvement since May 2008.
Factors that helped the sales boost included an improving economy and stock market, warm weather early in Oct. and weak numbers for the same period last year.
As for November, sales are anticipated to be up 5 to 8 percent above sales in November 2008. Keep in mind that this month last year, sales fell 7.7 percent when consumer cut spending and retailers increased discounting.
Retailers are watching the returns from Black Friday - Nov. 27, the Friday after Thanksgiving, which, according to a survey by ICSC with Goldman Sachs, is more important this season. The survey of 1,000 adults showed that 16 percent of consumers expect to kick off their holiday shopping on that day, up from 10 percent of consumers in 1007 and 13 percent in 2006.
“Bargain hunting will continue to be an important element of the consumers’ holiday shopping strategy,” said Michael P. Niemira, ICSC’s director of research and chief economist.
For more news about improved retail sales, click here.
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We can pretend everythings ok,but come january shareholders will be very disappointed with weak holiday sales.This should flush more retailers into bankruptcy,along with the last of the consumers who spent too much money on poorly made chinese goods.
Thanks for your positive spin on the economy chuckles.
I work in the industry, my company owns and operates malls. Sales are down 50% at most centers compared to last year, which was already a bad year. We are expecting a brutal holiday season and come January will have to make some really tough decisions. We are hoping for the best but shoppers are not spending money and tenants are folding left and right.
Buy now…cry tomorrow.