2011-2012 Retail Holiday Newsletter #2

Consumers are going to make retailers work hard for their dollars this year. October same-store sales posted healthy growth but momentum decelerated from its year-to-date pace. With the economy’s outlook still in question and consumer confidence near recessionary lows, we continue to expect holiday growth to be slower than last year. In this issue, we briefly review key economic indicators, discuss shopping experiences, and explore implications for the retail landscape. We conclude by suggesting some winning approaches for these volatile conditions.