Worst holiday shopping season since "at least 1970"
CNN Money reports that the recession, discounts and bad weather are to blame.NEW YORK (Reuters) -- The U.S. holiday shopping season is the worst since at least 1970 due to the recession, heavy discounting and harsh winter weather just before Christmas, the International Council of Shopping Centers said Tuesday.Sales at U.S. chain stores fell 1.8% in the week ending Dec. 27 compared with the previous year, while sales fell 1.5% compared with the prior week, according to the ICSC-Goldman Sachs Weekly Chain Store Sales index.
The ICSC expects holiday sales in November and December to fall 1.5% to 2%.
That would represent the first decline since the ICSC began tracking holiday sales in 1969...(so it could be the worst since '29?)
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