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Holiday Sales Are the Weakest on Record

NEW YORK CITY-Retailers' December same-store sales fell 1.7%, the worst holiday since ICSC started tracking the numbers in 1970.

By Debra Hazel | Updated on January 09, 2009

NEW YORK CITY-Maybe Christmas stockings were filled with aspirin this year: drug stores reported a 3.4% comp store sales gain in December, even as the industry posted a 1.7% comp store decline, says the International Council of Shopping Centers Chain Store Sales Index. Excluding Wal-Mart’s slight 1.7% gain, the overall index posted a 4.3% comp decline.

Heavy discounting, cautious consumers fearful of losing jobs, and even the weather, combined to produce what ICSC called the weakest holiday season on record. The drop continued a multi-month decline, following a decrease of 2.7% in November and 0.9% in October. For the year, overall comp-store sales rose by 1%, the smallest increase since at least 1970.

“Through the year and certainly during the holiday season, consumers were more frugal and hesitant to spend,” wrote Michael P. Niemira, ICSC chief economist and director of research. “Retailers, in turn, faced with this unprecedented pullback in demand during the holiday shopping season slashed prices.”

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