A late surge in holiday purchases at
U.S. retailers ranging from gadget-seller Sharper Image Corp. to
luxury goods chain Coach Inc. probably boosted sales as much as
4.5 percent in December, the International Council of Shopping
Centers said.
The gain at stores open at least a year would be the biggest
since a 6.7 percent increase in 1999, according to Michael
Niemira, who tracks about 80 chains for the New York-based
industry group.
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Many merchants, including Wal-Mart Stores Inc., reported
spending picked up later in December after snowstorms in the
Northeast crimped sales during the first two weekends of the
month. Sales rose 47 percent in the final week of the year as
people shopped with gift cards received for Christmas, according
to ShopperTrak, which measures sales at 30,000 stores.
“There’s no question that gift cards were a key theme this
season,” said Lori Wachs, who helps manage about $85 billion of
assets at Delaware Management Co., including shares of jeweler
Tiffany & Co. and Coach.
Bloomberg News
