ICSC Cuts Nov. Sales Outlook

NEW YORK CITY-The International Council of Shopping Centers has revised its November same-store sales outlook for retailers to a year-over-year increase of 2.5% to 3% from its original projection of 3% to 4%. The change was mainly due to Wal-Mart’s revision of its November expectations to a 0.7% increase instead of the 2% to 4% jump the largest retailer in the world previously reported.

ICSC still predicts that overall holiday sales will improve by 3% to 4% over last year, though holiday sales so far are not as strong as last year, the organization notes in a report. In 2003, sales over the holiday shot up 4% from the previous year.

Only 6% of consumers have completed their holiday shopping so far this year, ICSC says. “There is plenty of shopping still in the pipeline,” the report says.