Retail sales fall despite holiday kickoff

The holiday shopping season got off to a sluggish start with retail sales falling despite longer store hours and Black Friday deals, according to an index of chain store sales.

Sales dropped 2.8% the week ending Nov. 30, compared to the previous week, according to the International Council of Shopping Centers and Goldman Sachs Chain Store Sales Index. Sales rose 2.5% over the same period last year.

Many retailers opened on Thanksgiving and early on Black Friday or offered heavy discounts to entice shoppers.

"Consumers have completed an average 37.3% of their holiday gift buying, which means there is still a lot left to do over the upcoming weeks, and the early performance typically is no bellwether of the season as a whole," says council Vice President Michael Niemira.

For all of November, ISCS projects that sales increased 3.5% to 4.5% compared to a year ago. ISCS is scheduled to report monthly sales Thursday.