The success of the 1996 holiday season has been phenomenal and is a real sign that the City's economy is booming. We are seeing the results of his efforts to revitalize the economy over the past three years with the phenomenal growth of the holiday sales numbers. Beginning next Saturday, January 18, and continuing through January 24, shoppers in New York City will find no sales tax on clothing and footwear purchases as part of the City and State sponsored sales tax exemption week. The promotion is an effort, encouraged by Mayor Giuliani, to give sales a boost during a traditionally slow period and to encourage shoppers to spend in New York City. The 4.8 percent increase in retail sales is based on information from TeleCheck, a research firm in Houston.
Checks account for more than a third of retail spending.
TeleCheck is a subsidiary of First Data Corporation. EDC is the City's primary vehicle for economic development services. Using its real estate and financial resources, EDC helps develop businesses and create jobs throughout the five boroughs.