The start of the much anticipated holiday shopping season will likely be viewed as disappointing by many of the nation’s leading retailers as several chains reported declines in same-store sales for November.
Chains reporting declines in comparable store sales included Dillard’s, -11%; Stein Mart, -7.2%, The Bon-Ton stores, -6.4%; Macy’s, -6.1%; JC Penney, – 5.9%; Fred’s, -3.3%; Target, -1.5%; and Rite Aid, – 0.8%. In addition, luxury retailers also were negatively impacted by slow sales. Neiman Marcus Group reported a sales decline of -7.5% and Saks, Inc. monthly comp sales were down 26.1%.
Retailers reported sales growth for the month included TJX, 8%; Costco, 6%; Kohl’s, 3.3%; Family Dollar, 2.4%; and BJ’s, 1%.