NRF Predicts Subdued Holiday Gains
Washington, D.C., Retailers can expect a subdued holiday season this year, according to the National Retail Federation (NRF). It predicts that total holiday sales will increase 5.0% over last year, bringing holiday spending to $457.4 billion. By comparison, holiday sales in 2005 rose 6.1% to $435.6 billion.
“Although sales gains will not be as robust as last year, retailers can still expect above-average holiday sales growth,” said Rosalind Wells, chief economist for the NRF.
Over the last 10 years, the average percentage increases in sales for holiday season has been 4.6%.
Gottschalks to Close Store in Seattle
Fresno, Calif., Gottschalks Inc. announced it will close its store in last remaining location in the Seattle metro area at the end of the month. The costs associated with the closing are estimated to be approximately $370,000 on an after-tax basis.
Apple Updating Store Design
San Francisco, Apple will introduce new design features at its retail stores later this month, according to a report in Wednesday’s San Francisco Business Times. The updated features drawn from Apple’s flagship on Manhattan’s Fifth Avenue, will be unveiled Sept. 23 at new stores in Providence, R.I., and Columbia, Md.