Finance

The National Retail Federation told the Federal Reserve this week that a proposal to cap debit card swipe fees at 12 cents per transaction does not go far enough, and that banks should honor debit transactions at or close to face value, the same as checks.

The National Retail Federation released its 2011 economic forecast today, projecting retail industry sales (which exclude automobiles, gas stations, and restaurants) will increase 4.0 percent from 2010.

Retailers in 2011 will be intent on actively growing their businesses and improving customer insight capabilities, in addition to continuing efforts begun during the economic downturn to stabilize operating costs and focus on financial discipline, according to a report from the National Retail Federation’s research and education arm, the NRF Foundation, and KPMG LLP, the U.S. audit, tax and advisory firm.

• NRF is forecasting a 2.3% growth in holiday sales in 2010, over last year's actual 0.4% growth
• Holiday sales are expected to total $447.1 billion
• Retailers are expected to leverage new channels, like mobile, to drive sales and provide added service to customers who want to shop anytime

The National Retail Federation is asking the Securities and Exchange Commission to set a higher threshold for the amount of stock owned when it votes this week on a “proxy access” proposal that would make it easier for shareholders at publicly traded companies to place candidates on the ballot for corporate board of director elections.

According to the National Retail Federation, June retail industry sales (which exclude automobiles, gas stations, and restaurants) decreased 0.5 percent seasonally adjusted over May and increased 3.3 percent unadjusted year-over-year.

Visa and NRF Seek to Reduce Vulnerable Payment Card Data in Merchant Systems. National Retail Federation and Visa promote card account elimination to advance data security.

According to the National Retail Federation, March retail industry sales (which exclude automobiles, gas stations, and restaurants) increased 0.9 percent seasonally adjusted over February and 5.7 percent unadjusted year-over-year.

In order to help retailers adapt to the new technology, the National Retail Federation has launched its Mobile Retail Initiative to offer best practices and learning opportunities for retailers diving into m-commerce.

National Retail Federation Chairman Terry Lundgren, the Chairman, President and CEO of Macy’s, Inc., announced today that Matt Shay has been selected to serve as the next President and CEO of NRF. Shay will be elected formally at the June 22 NRF Board meeting.

According to NRF, February retail industry sales (which exclude automobiles, gas stations, and restaurants) increased 1.7 percent unadjusted year-over-year.

• Average person has completed 46.7% of shopping, lowest since 2004
• Most last-minute shoppers will visit discount, department stores
• The number of people who will shop in grocery stores at the last-minute is up substantially this year
• One in ten shoppers plan to purchase their last holiday gift on Christmas Eve

The National Retail Federation today asked the House to renew federal tax law that shortens the time it takes merchants to write off the cost of remodeling done at their stores, saying the provision is helping keep stores open and creates jobs.

• More people went shopping but spent less on average
• Department stores were big winners
• One-third of shoppers purchased toys
• Shoppers went to stores earlier than one year ago

• Up to 134 million people may shop Black Friday weekend
• One in ten people plan to shop from midnight to three a.m.
• Coupons and newspaper circulars are biggest influences in getting customers to shop
• NRF announces CyberMonday.com Deals of the Hour for Black Friday

The National Retail Federation has asked the Federal Reserve to reconsider proposed new rules that threaten retailers’ ability to offer customers instant credit.

The National Retail Federation welcomed a report issued today by the General Accountability Office on the $48 billion in “swipe” fees that credit card companies collect from merchants and their customers each year.

• Total spending on gift cards is expected to reach $23.63 billion
• The average person will spend $139.91 on gift cards this holiday season, compared to $147.33 last year
• Department store gift cards will be the most popular, followed by gift cards to restaurants and bookstores
• NRF encourages shoppers to understand the difference between store-issued and bank-issued gift cards and use that information before making shopping decisions

• One-fourth of holiday shoppers will use cash and 43% will use debit cards
• The number of people who will rely on credit cards for holiday purchases will fall ten percent
• Half of Americans have not started holiday shopping
• Clothing, toys to top gift lists this year