This fifth newsletter covers a near-record breaking month of November in which GAFS sales surged 5.7%. Despite uninspiring macroeconomic conditions, this was the strongest start to the holiday season that we have seen in five years. Still, after two years of declines, we are yet to quite match the absolute sales levels achieved in 2007. In this newsletter, we also discuss how retailers are trying to keep the momentum going through the holidays and beyond. More than ever, they are enticing shoppers by appealing to their emotions, offering exciting deals, and delivering a great experience.

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