Retail sales continue to gain momentum in November as total sales during the first official week of holiday shopping showed a merked gain over last year.
For the week of Nov. 21-27, which includes Black Friday, nationwide sales posted a 3.5 percent increase over the corresponding period last year according to the Internaional Council of Shopping Centers.
Michael Niemira, ICSC director of research and chief economist, said Black Friday, the day after Thanksgiving and the traditional kickoff to the shopping season, contributed greatly.
“Consumers were out in force over the last week in search of bargains as 34 percent of consumers — or about 81 million people — reported shopping on Black or Bargain Friday and the subsequent weekend,”Niemira said.
And ISCS says this could be just the tip of the iceberg as many consumers report they have much more shopping to do for the holidays. The orginization anticipates same-store sales growth will increase by as much as 4 percent year-over-year as more favorable weather and the start of the 2010 holiday shopping season takes hold.
