Research >> Economics
ICSC Chain Store Sales fell 1.7% in May 19 Wk
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The International Council of Shopping Centers (ICSC) reported that chain store sales fell 1.7% from the prior week, the fourth consecutive decline and biggest drop in more than three months, while increasing 3.8% over the prior-year period during the week ending May 19th. The ICSC‐GS consumer tracking survey suggested that consumers shopped less over the past week, despite favororable weather influences and lower gas prices. Investor worry as reflected by the pull‐back in U.S. stock prices over the past month seemingly mirrors the slower pace in retail spending too. According to Weather Trends International (WTI), the national average temperature over the past week ending Saturday was 6.6°F warmer than last year and 3.4°F warmer than its long‐term average. Meanwhile, fuel prices had their seventh straight weekly pullback.
The US Energy Information Administration said gas prices fell another 4 cents compared with the prior week to $3.714 on May 21st and, cumulatively, by 22.7 cents over the past 7 weeks. Compared with the same week of the prior year, the price of regular‐grade gasoline fell by 3.5% in the latest week, which was its 5th straight year-over-year drop. For all of May, ICSC Research forecasts a comparable‐store sales gain of about 3% (including drug stores, which will be reported later due to the calendar). Excluding drug stores, sales are expected to increase by around 5%.
Posted: May 22, 2012 Tuesday 07:45 AM