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Middle Market Retailers Remain Cautiously Optimistic for the Holiday SeasonNEW YORK --(Business Wire)-- An annual retail outlook study (www.cit.com/retailoutlook) of more than 250 senior middle market retail executives conducted by CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of commercial lending and leasing services, found cautious optimism among respondents. Fifty-five percent of executives anticipate their total holiday sales will increase by 6% or more in 2014, as compared to only a third last year. In addition, more than 60% of respondents expect their annual sales will increase by 6% or more this year, as compared to only 42% in 2013. The online study, conducted by Harris Poll, concluded in October 2014. "Looking toward the upcoming holiday season, middle market retailers are cautiously optimistic as U.S. consumer confidence continues to rise," said Jon Lucas, President of CIT Commercial Services. "Retailers are also adapting to the changing attitudes of the American consumer through investments in new products, expanding their digital strategy and utilizing social media to maximize the consumer buying experience." Burt Feinberg, President of CIT Corporate Finance, Commercial & Industrial, added, "Our study shows that most respondents do not believe a brick-and-mortar-only store strategy is sustainable in the long-term without a focus on building a complementary e-commerce and digital strategy. In addition, nearly half of the respondents were skeptical as to the economic viability of the 'American Mall' over the long-term due to reduced foot traffic resulting from the increased popularity of e-commerce and the lackluster performance of certain anchor tenants." Other insights from the CIT Retail Outlook include:
About the Study On behalf of CIT, Harris Poll conducted an online study among 251 senior middle market retail executives at companies with revenue between $5 million and $3 billion. The study occurred from September 16 - October 3, 2014. The data for this research study was weighted to ensure that the data is balanced and accurately represents the firms of interest to CIT. Figures for: industry, title, functional role, decision-maker role, company ownership structure and company location/region were weighted to bring them into line with the respondent profile from prior research. EDITOR'S NOTE: Watch CIT's corporate overview video (cit.com/corporatevideo) and View from the Middle™ video (cit.com/viewfromthemiddle), which showcase our insights and ability to put our knowledge to work for the small business, middle market and transportation sectors. Follow us on Twitter, LinkedIn, YouTube and Facebook or register to receive press releases at cit.com/newsalerts. About The Harris Poll Over the last five decades, Harris Polls have become media staples. With comprehensive experience and precise technique in public opinion polling, along with a proven track record of uncovering consumers' motivations and behaviors, The Harris Poll has gained strong brand recognition around the world. The Harris Poll offers a diverse portfolio of proprietary client solutions to transform relevant insights into actionable foresight for a wide range of industries including health care, technology, public affairs, energy, telecommunications, financial services, insurance, media, retail, restaurant, and consumer packaged goods. Contact us for more information. About CIT Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail and equipment finance, as well as aerospace, equipment and rail leasing. CIT's U.S. bank subsidiary CIT Bank (Member FDIC), BankOnCIT.com, offers a variety of savings options designed to help customers achieve their financial goals. cit.com
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