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December retail sales drop 1.7 percent

January 09, 2009

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U.S. chain store sales fell a total of 2.2 percent for the 2008 November-December holiday selling period, compared with the 2007 season, according to the latest study from the International Council of Shopping Centers.

New York--Slashing prices wasn't enough to entice consumers to spend this holiday season, as U.S. chain store sales fell 1.7 percent in December, compared with the same period last year, according to the latest study from the International Council of Shopping Centers (ICSC).

The ICSC also reported that U.S. chain store sales fell a total of 2.2 percent for the 2008 November-December holiday selling period, compared with the 2007 season.

"This was an extraordinarily difficult holiday season," ICSC Chief Economist and Director of Research Michael P. Niemira said in a media release. "Retailers were forced to slash prices to entice consumers to spend, but even that strategy was not enough as the elevated worry about job insecurity and increased job layoff announcements continued to restrain consumers' willingness and ability to spend."
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Business | Cost of Living | Culture and Lifestyle | Economic Issues | Holidays | Jobs and Labor | Layoffs and Downsizing | Real Estate

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