Brief
2010 ended on a positive note: Retail sales for November and December increased 4.9% over 2010, exceeding even the most bullish forecasts, and nearly matching the 30-year average growth rate of 5%. Still, after two years of declines, holiday sales came in slightly below their 2007 peak. As we turn out attention towards 2011, there is new hope for retailers. In this newsletter, we also discuss what we believe will be some of the keys to growth in the year to come.