Shopping Malls Tracking Holiday Sales
Its not only retailers who are closely watching Holiday receipts. Mall owners are keenly interested too. Their bottom lines depend on it.
On today's Street Signs--CNBC's Erin Burnett spoke with two men who know the truth about the Holiday shopping season--the chiefs of two of the largest mall companies in the nation.
Bob Michaels is President of General Growth Properties. He said that business at his malls was strong and sales for Friday, Saturday and Sunday averaged 5% to 6% increases year to date. He said traffic was extremely good with electronics selling briskly as well as apparel and toys
Michaels also says he doesn't see any weakness on the part of the consumer.
Bill Taubman Chief Operating Office of Taubman agreed and added the home sector was a little weak. His malls were up 7.2% year to date.
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