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| January/February 2004 |
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Late
Shoppers Save Holiday Retail Numbers Although off to a disappointing start due to snowstorms in the Northeast and terrorism concerns, retailers' holiday seasons were saved by last-minute shoppers. According to retail analysts The International Council of Shopping Centers, 2003 holiday retail sales were up 4 percent over 2002, the strongest holiday season since 1999. Sales rose only 1 percent in 2002. The largest growth was reported at opposite ends of the shopping spectrum, with luxury stores and discounters fairing the best and mid-tier stores' sales falling off. Luxury retailer Neiman Marcus posted a 15 percent sales gain over 2002, Saks Fifth Avenue's sales increased 10 percent, and Nordstrom's grew 9 percent. Discounters Wal-Mart and Target posted 4.3 percent and 5.6 percent gains, respectively, and warehouse clubs Costco, Sam's Club, and BJ's had sales gains of 11 percent, 6.1 percent, and 6.6 percent, respectively. Mid-tier stores like Kohl's and Sears suffered, with sales decreasing 1.2 percent and 0.8 percent, respectively. Jewelry retailers report strong sales in the luxury end as well: Sales for Tiffany & Co. grew 18 percent over Christmas 2002, and upscale chain Mayors Jewelers saw a 14 percent gain. Middle- and lower-market jewelers saw smaller results, like Zale Corp.'s 4.1 percent increase and a 6.4 percent gain for Signet Group. Online spending for the 2003 holiday season rose 29.5 percent to hit $12.5 billion, according to ComScore Networks. The company attributes the increase in online shopping to a number of factors, one being that consumers feel more comfortable shopping online. ComScore reports that the largest increase in Internet buying was expensive items such as jewelry, furniture, home and garden products, and appliances. Online jewelry retailer Mondera reported a 45 percent increase in sales for the season, 10 percent above its forecast. Although retailers seemed to come out on top at the end of 2003, many analysts point to the fact that deep discounts during the week of Christmas and even after contributed to much of the growth, and that profits may not actually be as high as hoped. |
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