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ICSC Chain Store Sales Up 0.2% In June 6 Wk
The International Council of Shopping Centers and Goldman Sachs Retail Chain Store Sales Index rose 0.2% in the week ended Saturday from its level a week before on a seasonally adjusted, comparable-store basis. On a year-on-year basis, retailers saw sales fall 0.8% in the latest week, the biggest decline in five weeks.
ICSC chief economist Michael P. Niemira noted the month got off to a slow start "as weather turned cooler than last year, gasoline prices continued to inch higher and the industry faced tax-rebate-inflated sales comparisons."
He noted the trade group expects sales, excluding Wal-Mart Stores Inc. (WMT), to drop 4% to 5% this month, in line with the declines in May same-store-sales reported last week by retailers. Wal-Mart, starting with May, has stopped providing monthly sales figures.
Posted: June 9, 2009 Tuesday 07:45 AM