ICSC cuts November sales forecast again

New York City A survey released Tuesday by the International Council of Shopping Centers and Goldman Sachs reported that chain-store sales for the week ended Nov. 28 rose 3.1% from the year-earlier period.

On a week-over-week basis, sales fell 0.1%.

"Electronics and online shopping were the big winners during the launch of the post-Thanksgiving holiday season," said Michael Niemira, ICSC's chief economist. "But even as retailers opened their doors on Thanksgiving Day, consumers fell behind last year in their holiday shopping completion rate as consumers reported an average 42.2% of their shopping completed through the end of November, compared with 48.3% during the comparable week of 2008. This has negative implications for reported sales in November, but positive implications for December sales."

ICSC forecast November sales will be up by 3% to 4%, the second time it's lowered the November outlook.