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And in other developments on the Northern front
Walmart and Target are being blamed for driving shares of Canadian retailers to their lowest level in six years, according to a Bloomberg report this week. Bloomberg said the ratio between the S&P/Toronto Stock Exchange Retailing Index and its counterpart in the Standard & Poor’s 500 narrowed to 4% on Feb. 11, the smallest in six years. The retailing index has retreated 2.3% this year, while a separate index of companies that sell food and basic necessities has lost 1.1%, the biggest declines among 24 industries in the S&P/TSX.
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NRF forecast: 2011 retail sales to rise 4%
New York City -- The National Retail Federation said Thursday that it expects retail sales growth of 4% this year, the biggest increase since 2006.
However, the group warned that shoppers are likely to remain cautious as they cope with slow job growth and rising prices.
The NRF said it expects retail sales to reach $2.47 trillion in 2011, up from $2.37 trillion in 2010, excluding automobiles, fuel and restaurants.