Research >> Economics
ICSC Chain Store Sales fell 0.6% in Feb 22 Wk
U.S. chain-store sales rose 1.4 percent year on year for the week that ended on February 22, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs. However, on a week-to-week basis, comparable-store sales fell 0.6 percent as consumers lacked motivation to spend beyond what was necessary.
“Temperatures turned warmer from coast to coast over the past week, but sales remained subdued as consumers enjoyed outside activities rather than shopping,” said Michael Niemira, ICSC's vice president of research and chief economist. “Despite the broad based softness, some segments — such as wholesale clubs, specialty retail and furniture seemed to get a lift over the past week according to the ICSC-GS consumer tracking survey.”
ICSC Research anticipates that February's chain-store sales will increase by between 3 percent and 3.5 percent. The weekly chain-store sales snapshot is produced by ICSC and Goldman Sachs to measure nominal U.S. same-store, or comparable-store, sales while excluding restaurant and vehicle demand. The weekly sales index is presented on an adjusted basis to account for normal seasonal and other data anomalies.
Posted: February 25, 2014 Tuesday 07:45 AM