Black Friday Hype Quickly Dies - TheStreet

NEW YORK (

TheStreet

) -- The excitement of Black Friday quickly died out, it was revealed today, as sales for the week after the Thanksgiving holiday fell 1.3%.

Furthermore, on a year-over-year basis, comparable sales slipped 2.6%, according to the International Council of Shopping Centers and Goldman Sachs.

According to channel checks conducted by Roth Capital Partners analyst Elizabeth Pierce at malls in southern California, traffic remained heavy, but conversion was not as strong.

"In our opinion, this speaks to customers still holding out for better promotions and being aware that they have two more shopping weeks before Christmas," she wrote in a note.

As November same-store sales disappointed, decreasing 0.3% overall, well below the 3% to 4% gain the ICSC forecast, investors are holding their breath for last-minute shoppers.

Some of the biggest disappointments in November were

Macy's

(M) - Get Report

,

J.C. Penney

(JCP) - Get Report

,

Children's Place

(PLCE) - Get Report

and

Saks

(SKS)

.

ICSC expects December same-store sales will grow 2%.

-- Reported by Jeanine Poggi in New York.

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