U.S. Chain-Store Sales Growth Misses November Forecast

RAPAPORT... U.S. chain-store sales rose 2.1 percent year on year for the month of November, according to the International Council of Shopping Centers (ICSC). The group had predicted an increase of 3.5 percent to 4.5 percent, citing easy comparisons with November 2012.

“Sales were constrained by weak apparel sales this month,” said Michael P. Niemira, the vice president of research and chief economist for ICSC. “November was a very competitive environment for retailers and the softness in the November tally suggests some cautiousness by consumers. We expect that the sales momentum will return in December, as our surveys indicate that consumers completed only a third of their holiday shopping, leaving a lot more to go as we close in on Christmas.”

For December, ICSC research anticipates that comparable-store sales will increase between 3 percent and 4 percent.