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ICSC Chain Store Sales rose by 0.5% in Oct 27 Wk
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The ICSC-Goldman Sachs (ICSC-GS) chain store sales index for the week ending October 27 rose by 0.5% from the prior week, while its year-over-year sales momentum decelerated to 2.7%. The ICSC-GS consumer tracking survey found that overall customer traffic was lower than during the same week of the prior year, but grocery and apparel stores were stronger. Seasonal demand was adversely impacted by l ingering warm weather, but the impending impact of Hurricane Sandy on the east coast drove demand for groceries and emergency supplies.
According to Weather Trends, Inc. (WTI) the U.S. average nationwide temperature was 3.7°F warmer than last year and 2.8°F above normal. WTI observed that during the past week ending Saturday, temperatures across the nation averaged as the fourth warmest final week of the retail fiscal month of October in the past 21 years. WTI further noted that although “the nation was mild, on average, most of the mild weather was across the eastern half of the nation, while a snowstorm socked the mountains of the West and heavy rain soaked the valleys.”
Meanwhile, gasoline prices edged lower and were supportive of stronger discretionary spending power. According to the AAA Fuel Gauge, the national average price of a gal lon of regular-grade gasoline at the pump slide to i ts lowest since July 30, 2012, but still was up from the same week of 2011.
Posted: October 30, 2012 Tuesday 07:45 AM