Holiday Sales Projected to Be Modest

The International Council of Shopping Centers today issued projections for the upcoming holiday season. The ICSC said it expects comparable-store holiday sales to rise by 3.0 percent to 3.5 percent for November and December combined. The trade group said it expects consumers to be very budget-conscious this year due to higher gas and heating prices. As a result sales will be driven by price and promotional activities. In 2004, the two-month holiday season posted a 2.3 percent gain.