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Retail May Pick Up By Year's End

NEW YORK CITY-Total retail sales are forecast by ICSC to decline 5.3% in the first half of the year and rise 2.7% in the second half.

By Debra Hazel | Updated on January 16, 2009

NEW YORK CITY-The first half of 2009 will continue the misery of 2008, with sales declines. However, the second half will see a pickup, making 2009 a transitional year, according to the International Council of Shopping Centers.

Total retail sales and food services will decline 5.3% in the first half and rise 2.7% in the second half for a 1.3% full-year decline, while shopping center-inclined sales (from retailers likely to be located in shopping centers) will increase 1.1% in the first half and 3.5% in the second half of the year for a 2.3% total increase.

“There certainly is a lot of pessimism for the potential 2009,” said Michael Niemira, ICSC chief economist and director of research in a media conference call. “But that may be too broad-based. The first half of the year is where the pessimism is rightly placed. We think 2009 is a transition year to stronger economic activity.”

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