If Wal-Mart's results are excluded, the numbers are even worse,dropping 4.2%, the largest since that aggregate was compiled forNovember 1991. If drug stores were excluded, the overall indexwould have dropped 1.4%.

|

"The confluence of this worry about the economy and financialmarkets caused consumers to freeze most nonessential purchases inOctober," wrote Michael P. Niemira, ICSC chief economist anddirector of research.

|

Not surprisingly, the luxury sector was hit particularly hard,dropping 19.2%. The teen sector also saw a decline, with a 10.9%drop. Department stores declined 10.9%, with Nordstrom reporting a15.7% dive and J.C. Penney posting an 11.8% decline. On theopposite end of the spectrum, Wal-Mart's discount store sales rose2%, while Target saw a 4.8% fall and TJX a 6% decline.

|

Apparel stores dropped 11%, with Abercrombie & Fitch postinga 20% reduction, followed by Gap (down 16%) and Chico's FAS (down13.4%). Cato Corp., on the other hand, posted a 4% increase. Drugstore comps rose 2.3%, wholesale clubs rose 1.6% (1.2% without fuelsales) and discounters saw a 0.5% increase.

|

The results do not bode well for the holidays. ICSC predictssame-store sales to be flat in November, and has lowered itsholiday sales forecast to a 1% increase for the combinedNovember-December period, the low end of its previous forecast.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.