ICSC raises December sales estimate

New York City U.S. retail sales rose during the week after Christmas as shoppers redeemed gift cards, and results for all of December probably climbed more than anticipated, the International Council of Shopping Centers and Goldman Sachs Group said Tuesday in a statement.

Same-store sales rose 2.5% in the week ended Jan. 2 from the year-earlier period. ICSC boosted its December sales-growth estimate to about 2.5% from a previous projection of about 2%.

“For the final week of the fiscal month of December, post-Christmas sales were boosted by consumers redeeming their gift cards," said Michael Niemira, ICSC's chief economist. "Holiday sales were late in coming, but showed healthy gains as the season wrapped up."