By Suzanne Monaghan

PHILADELPHIA (CBS) - An annual event that was designed to increase interest in fashion during tough economic times will go on hiatus this year.

Fashion’s Night Out was launched in 2009. By its fourth year, it expanded to stores in more than 500 cities nationwide, including Philadelphia, and in more than cities 30 outisde the U.S.

“Well, I think it called attention that Philadelphia was a place that has a lot of very fashionable stores and retailers.”

Karen Giberson, president of the Accessories Council, says while there has been debate on whether the event acutally increased sales, it has benefited the industry.

“Last year was the first Fashion’s Night Out in Philadelphia and to have felt the excitment and electricity of that night — to not be able to repeat it — I think it’s a shame.”

It will still go on in international cities. But Giberson believes it will be back in the U.S. in 2014.