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ICSC Chain Store Sales decreased 0.2% in Sept 24 Wk
The International Council of Shopping Centers and Goldman Sachs Retail Chain Store Sales Index edged down 0.2% in the week ended Saturday from the week before on a seasonally adjusted, comparable-store basis, falling for the second straight week.
“September sales have been volatile from week-to-week, but the trend has softened on balance as some renewed and intensified worry about the economy returned,” said Michael Niemira, ICSC vice president of research and chief economist. “As the fiscal month comes to a close this upcoming week, retailers should see some improvement as worry about the European sovereign-debt crisis eased somewhat along with its potential negative impact on the U.S. and its financial markets,” added Niemira.
ICSC still expects September industry sales will increase 3% to 4%, excluding the impact of fuel, and 4% to 5% with fuel sales included. On a year-on-year basis, the reading rose 2.7%.
Posted: September 27, 2011 Tuesday 07:45 AM