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  "documentTitle": "Retail Holiday Newsletter 1",
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      "text": "Online sales continue to be a bright spot for retailers and are rapidly increasing in importance.",
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      "text": "Store productivity is well above 2007 levels. Average store productivity, measured by sales per square foot, is the silver lining of store closures. It is up 7.9% from 2007 to 2010, a function of the sharp drop (8.1%) in retail selling space over the period, which buffered declining sales.",
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      "text": "Holiday hiring will be up. Outsourcing firm Challenger, Gray & Christmas expects holiday hiring to go up 10% to 30% over 2009, an increase of 550,000 to 650,000 jobs. But these figures will still lag the estimated 720,000 jobs added in 2007 by 10% to 25%. Total retail employment also remains 7% below its 2007 peak.",
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      "text": "Although the recession officially ended 16 months ago, it's clear that the recovery is going to be long and bumpy. After falling 2.6% in 2009, GDP increased 3.7% in the first quarter of 2010 and 1.7% in the second quarter. But those increases were funded largely by government spending, which went up 5% and 12.8% in the same quarters.",
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      "text": "inventory data are not yet available, retail container traffic continued to trend well above last year in September and is forecast to do the same in October.",
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      "text": "Online sales continue to be a bright spot for retailers and are rapidly increasing in importance. E-commerce sales increased at a healthy 10% through the first two quarters of 2010, and Forrester expects them to continue to grow at the same rate through 2013. E-commerce penetration has almost doubled—from 4% in 2004 to 7% year-to-date in 2010—according to comScore. But these are just averages; some traditional retailers are driving 15% or more of their business through digital channels. The most innovative retailers are looking beyond traditional multichannel tactics to what we call an omni-channel approach. This means that all channels need to work in concert to provide a seamless, cohesive and integrated customer experience, one that grows both digital and brick-and-mortar sales. It also means offering solutions to meet consumers' needs through their websites, mobile platforms, links to social media pages, gaming options, and in-store technology. We will cover this topic in more depth in our third newsletter, after third-quarter e-commerce results are released.",
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      "text": "Some economic indicators are showing improvement. Equity markets have risen almost 75% from their recession low in May 2009, down only about 25% from their all-time high in October 2007. Federal Reserve data indicate that the average consumer credit interest rate has eased to 14.2%, its lowest level in the last eight quarters. And decreases in mortgage rates may expand consumers' spending capacity, if they are able to refinance.",
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      "text": "3 The Census Bureau reports inventory data with a two-month lag. 4 Based on Euromonitor data for mass merchandisers, department stores, warehouse clubs, clothing and footwear, furniture and furnishings, electronics and appliances, book sellers and stationers, audiovisual stores, toys and sports good stores. 5 Based on nondefense federal government spending. 6 Based on the S&P 500 Index on October 21, 2010.",
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