With the back-to-school season just around the corner, the International Council of Shopping Centers (ICSC) is forecasting an increase of 3 percent to $39.0 billion in total sales over the three month Back-to-School period.
The Back-to-School shopping season, which runs from mid-July to mid-September, is typically the second largest sales driver of the year, accounting for more than 16 percent of the industry’s annual sales.
“The 2011 retail environment is a bit different from 2010 and while we expect this year to be slightly more moderate than last, the overall message from this projection is that sales are still likely to be quite healthy,” says Michael Niemira, chief economist and director of research for ICSC.
According to ICSC’s 2011 forecast, family clothing and shoes will be the strongest performing segments, posting 3.5 percent gains respectively, while books will be the weakest segment increasing by 1.5 percent.