In what turns out to be worst holiday performance since 1970, International Council of Shopping Centers, says that based on its estimate sales in the week ended Saturday fell 1.8% below year-earlier levels, it now expects same-store sales in December to decline by at least 1%.
Discounts Fail to Save Retailers' Holiday - WSJ.com (registration reqd)
The outlook for many retailers, however, is even worse. Excluding the results of discount giant Wal-Mart Stores Inc., which has been outperforming its rivals, sales at stores open at least a year -- a key barometer of retail performance -- could fall as much as 8% below year-earlier levels, according to Michael P. Niemira, chief economist at the shopping-center group.
The ICSC expects December same-store sales to decline by 11%, 10% and 8% at J.C. Penney Co., Kohl's Corp. and Target Corp. respectively, compared with an increase of 3% at Wal-Mart.
The industry's poor performance in December follows an even more dismal November, when same-store sales at retailers tracked by the ICSC fell 2.7%, the biggest monthly drop since the group began recording year-to-year changes in sales in 1970.
The only silver lining, Wal-Mart outperforming other Retailers.