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As holiday season begins retail sales appear modest but encouraging for the jewelry sector
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December 03, 2003
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The New York Times reported on Monday, December first, that the post-Thanksgiving retail sales ranged yesterday from flat to modest, leaving many merchants hoping that things would pick up later in the season.
Tracie Rozhon reported a declaration of Scott Krugman, a spokesman for the National Retail Federation: “this year's weekend after Thanksgiving was on a par with last year — it was no worse than last year." He said he expected "exponential improvement" in sales before Christmas, an increase that would result in the federation's forecast of 5.7 percent higher holiday sales this year. Marshal Cohen, senior analyst for the NPD Group, a market research firm, more generously estimated the sales total for Friday and the weekend at 3 to 4 percent higher than last year's, but that rate of growth was still far below one widely quoted estimate for last year's three-day shopping weekend of more than 12 percent growth over 2001.
The article also dedicated some space to the positive results registered by the jewelry market. At J. C. Penney, for instance, “foot traffic was definitely better than last year," said Vanessa Castagna, chairman and chief executive of the Penney stores. Catalog and Internet sales, home furnishings and gifts were particularly strong, she said, as was jewelry. "People are buying diamonds," she specifically added.
At Saks Fifth Avenue's 62 stores, traffic was brisk for the weekend, said Jaqui Lividini, the chain's senior vice president for fashion. She said that among the best-sellers were luxury goods.
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Source:
Ny Times
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