RPT-U.S. luxury, dept stores set for Xmas bounce – NRF

(Repeats to add link to Reuters Insider)

BERLIN, Oct 27 (BestGrowthStock) – Luxury and department stores will
be the biggest beneficiary of expected growth in the U.S. retail
market this holiday season, according to the head of the
National Retail Federation.

Matt Shay, speaking at the World Retail Congress in Berlin,
said on Wednesday consumers were still looking for value, but
that they were now basing this on quality and service, rather
than just price, as they had done for the past two years.

Shay added that consumers were also looking for
discretionary purchases, rather than just practical gifts.

“Department and luxury stores are clearly going to benefit
more this year. We’re seeing jewellery and apparel as items
people want on their holiday shopping list.”

Earlier this week, the CEO of upmarket U.S. department store
chain Bloomingdales (M.N: ) said it was enjoying a good fall
season, led by accessories and jewellery. [ID:nLDE69O24N]

The National Retail Federation’s survey on the Christmas
shopping season in the U.S. showed that sales are expected to
rise 2.3 percent this year. [ID:nN19117477]

In a separate interview with Reuters Television, Shay said
it was possible some of this improvement would continue into
2011, despite lingering uncertainty on economic conditions.

“We’re hopeful that as we move through the holiday season
that we will keep some momentum as we move into next year.”

Reuters Insider interview on:

(Reporting by Victoria Bryan and Eva Kuehnen; Editing by Mark

RPT-U.S. luxury, dept stores set for Xmas bounce – NRF