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ICSC calls for 3% gain in holiday sales, down from 4.1% in 2010
New York City -- The International Council of Shopping Centers said it expects holiday sales to increase 3% this year, which is below the 4.1% gain in 2010.
Holiday sales are expected to reach $250.2 billion, the highest since the 2007 peak, when spending totaled $251.7 billion, according to the group, whose forecast is among the first to come out for the holiday 2011 shopping season.
The ICSC predicted that holiday same-store sales will rise 3.5%, slightly lower than the 3.8% pace in 2010.
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Esprit wears out North American welcome
HONG KONG — On the heels of a 98% drop in its yearly earnings, Esprit Holdings said it is divesting its North American businesses and exiting three major European markets.
The company said it is actively looking for a partner willing to acquire its North American operations, which include 93 stores in the United States.