Research >> Economics
ICSC Chain Store Sales decreased 2.0% in May 14 Wk
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Sales volatility made a comeback this past week as a confluence of sales influences — weather and the continuation of higher gasoline prices — affected the consumers ability and willingness to spend. As a result, for the week ending May 14, retailers saw weekly retail sales declined by 2.0 percent, according to the ICSC-Goldman Sachs Weekly Chain Store Sales Index. On a year-over-year basis, however, retail sales gained some strength and rose sharply by 3.2 percent.
“There were a confluence of forces impacting the pace of sales last week with some mixed weather impactgenerally warm weather but some pockets of heavier precipitation in the Southeast, Rocky Mountain states and the Northwest, continuing gasoline expenditures crowding out non-discretionary purchases, but some easier comparisons from last year,” said Michael Niemira, ICSC vice president of research and chief economist. “Overall it was a mixed week for sales but spending is growing, though in fits and starts,” added Niemira.
Posted: May 17, 2011 Tuesday 07:45 AM