Weakness in apparel and specialty stores is more profound than recent years as we move into the post-holiday period, a fact that does not bode well. Last year, nearly 6,000 stores went out of business, according to the International Council of Shopping Centers. In 2000, Over 1,000 stores closed, and during the five year period between 1995 and 2000 the average number of closings per year was 3,345. 2002 may figure as a dire ground-breaking record.

In related news, the week after Christmas proved a more attractive buying period than the shopping days leading up to the holiday. According to the Bank of Tokyo-Mitsubishi/UBS Warburg index, store sales gained 0.9 percent in the week ending Dec. 29 compared with the adjusted sales level of the prior week.

Industry analysts attribute the rising sales to post-Christmas bargain hunting. Colder weather may have also helped move bodies to the stores, where popular items included toys, electronics, video games, sporting goods and men's apparel.