Research >> Economics
ICSC Chain Store Sales down 0.7% in Oct 16 Wk
Like last month weekly retail sales are once again on a rollercoaster ride as retailers saw their sales slip this past week after last weeks recovery. According to the ICSC and Goldman Sachs Weekly Chain Store Sales Index slipped by 0.7 percent for the week ending October 16, 2010. On a year-over-year basis, retail sales remained positive but slowed to 1.7 percent.
“National temperatures soared relative to last year and its historical record making it the warmest comparable week in 15 years, which unfortunately was not good news for retailers selling seasonal goods. As such demand dipped from the prior week and on a year-over-year basis,” said Michael Niemira, ICSC director of research and chief economist. “For the fiscal month of October, ICSC Research anticipates that year-over-year comparable-store sales growth will increase about 2.5 percent, industry-wide,” Niemira added.
Posted: October 19, 2010 Tuesday 07:45 AM