For Immediate Release
November 25, 2009
LANSING - Michigan retailers enter the big Michigan Shopping Day weekend with greater optimism and an earlier schedule of promotions to attract holiday shoppers.
According to the latest Michigan Retail Index survey, a joint project of Michigan Retailers Association (MRA) and the Federal Reserve Bank of Chicago, nearly one fourth of retailers, 23 percent, said they started their holiday promotions earlier this year than last, continuing a trend of recent years. Only 2 percent said they started later.
“Michigan Shopping Day marks the official start of the holiday shopping season, but retailers have been holding special holiday promotions for several weeks already,” said MRA President and CEO James P. Hallan. “It's all about getting the season off to the best start possible by attracting early shoppers.”
Nearly two-thirds, 64 percent, of retailers said in a previous survey that they expect their sales for the season to be as good or better than last year, with most of those respondents forecasting increases.
Hallan said optimism springs from a more stable national economy and improvements in the auto industry and the financial, housing and stock markets. “While higher unemployment is a challenge this year, the overall economy is on a firmer foundation than last year, when we entered the holiday season after nearly falling off a cliff.”
The Michigan Retail Index survey for October found that 35 percent of retailers increased sales over the same month last year, while 51 percent recorded declines and 14 percent saw no change. The results create a seasonally adjusted performance index of 41.4, down from 42.5 in September. A year ago the index had dropped to 34.9 in October and 28.8 in November.
Looking ahead, 37 percent of retailers expect sales during the November
- January to improve over the same period last year, while 35 percent
project a decrease and 28 percent no change. That puts the seasonally
adjusted outlook index at 48.9, down from 49.2 in September.
Note: William Strauss, Senior Economist and Economic Advisor
with the Federal Reserve Bank of Chicago, can be reached at 312.322.8151.
