Although the high unemployment rate is believed to impact the outlook for industry retail sales growth in 2012, the retail industry is expected to grow at a rate faster than many other industries as sales rise 3.4 percent to $2.53 trillion, according to the National Retail Federation.

The figure is slightly lower than that of 2011 when sales grew 4.7 percent.

"Over the last 18 months, retailers have been on the forefront of the economic recovery – creating jobs, encouraging consumer spending and investing in America," says NRF President and CEO Matthew Shay. "Our 2012 forecast is a vote of confidence in the retail industry and our ability to succeed even in a challenging economy. Retailers have played a key role in driving growth, but to continue this momentum, we need Washington to act on proposals that will spur job creation and unleash the power of the private sector."