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NEW YORK CITY-The International Council of Shopping Centers has revised its November same-store sales outlook for retailers to a year-over-year increase of 2.5% to 3% from its original projection of 3% to 4%. The change was mainly due to Wal-Mart’s revision of its November expectations to a 0.7% increase instead of the 2% to 4% jump the largest retailer in the world previously reported.

ICSC still predicts that overall holiday sales will improve by 3% to 4% over last year, though holiday sales so far are not as strong as last year, the organization notes in a report. In 2003, sales over the holiday shot up 4% from the previous year.

Only 6% of consumers have completed their holiday shopping so far this year, ICSC says. “There is plenty of shopping still in the pipeline,” the report says.

Sales for the week ended Nov. 27 were down by 1.5% compared to the previous week, according to the ICSC-UBS retail chain store sales index. It was the worst week-over-week performance retailers have posted since Sept. 4. Sales were up on the Friday after Thanksgiving, when nearly one-third of all consumers shopped, but dragged on Saturday.Year-over-year same-store sales, however, improved by 2.4%.

Most retailers will release their November sales figures tomorrow.

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