Last-minute holiday shopping gives lift in finale

NEW YORK (AP) — Last-minute shoppers gave merchants a solid lift during the final week before Christmas, a mall trade group said today.

Shoppers gave retailers a 4.5 percent increase in revenue at stores open at least a year for the week ended Saturday compared with the same week last year, according to the International Council of Shopping Centers-Goldman Sachs Weekly Chain Store Sales Index.

Gift buyers gained steam in as the season went on. The store revenue figure rose 0.9 percent last week from the week before, building on a 3.4 percent increase the week before that.

"The downs and ups were much more accentuated," said Michael P. Niemira, chief economist at the trade group. "It just shows how cautious the consumer is. Consumers are bargain hunters more today than ever before."

The index seeks to estimate sales at 24 major stores including Macy's Inc. and Costco Wholesale Corp.