SHOPPERS HOLD THE CARDS FOR HAPPY HOLIDAY SEASON; MODEST SINGLE-DIGIT INCREASES EXPECTED AS GIFT CARDS CONTINUE TO GROW IN POPULARITY AMONG SHOPPERS.

Daily News Record, November, 2004

Byline: JEAN E. PALMIERI

NEW YORK -- Retailers should expect a moderately merry Christmas this year -- but the season is still expected to fall short of last year's gains.

According to several projections, sales are expected to rise in the mid-single digits this year, a solid performance, but not as strong as in 2003 when sales, according to data from the National Retail Federation, rose 5.1 percent. Impacting holiday business this year are rising energy and gas prices, higher interest rates, threats of terrorism and slow income growth.

The anticipation is palpable for stores, since the holiday season accounts for nearly one-quarter, or 22.83 percent, of annual retail sales.

The NRF said that after a strong first half and a...

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