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No Sales Gain Expected In Maryland Retail Forecast

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Nov 17, 2008 5:53 pm US/Eastern

No Sales Gain Expected In Maryland Retail Forecast

Reporting
Adam May
BALTIMORE (WJZ/AP) ― For the first time in more than two decades, Maryland's retailers are being told not to expect any sales increases for the holiday shopping season.

The Maryland Retailers Association has delivered pre-holiday sales forecasts for 22 years.

But as Adam May reports, this is the first year the group has not predicted at least a modest sales increase.

In its report, the MRA cites declining home values, stagnant wages, growing unemployment and this year's increase in the state sales tax.



In a survey of Maryland stores, 70% expect a decrease and 30% expect it to stay the same.  No stores expect it to increase.

"It looks like it will be a difficult year for retailers, but we're not canceling the holidays," said Tom Saquella, MRA president.

The MRA bases its sales predictions on a survey of its members and what it calls "a review of industry data and economic indicators."

Saquella says consumers could see earlier special sales this year, but he also expects some popular products will be harder to find.

To help keep Marylanders employed, retailers are urging people to shop at local stores and not over the Internet.

(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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