Research >> Economics
ICSC Chain Store Sales declined by 1.4% in Jan 21 Wk
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Mixed weather patterns throughout the U.S. weakened consumer demand this past week and resulted in weekly retail sales slipping for the nation's retailers. Overall for the week ending January 21, 2012, weekly retail sales declined by 1.4 percent, according to International Council of Shopping Centers (ICSC) and Goldman Sachs Weekly Chain Store Sales Index. On a year-over-year basis retail sales held relatively steady at 2.8 percent.
From the Northwest to the Northeast strong winter storms affected consumer demand this past week as it limited consumers' ability to shop," said Michael Niemira, ICSC vice president of research and chief economist. "In addition to the mixed weather patterns, January is traditionally a low-seasonal sales month for retailers so that pattern tends to produce more volatility from week to week than in other months. The good news is that the year-over-year results are holding relatively steady and remain positive," added Niemira.
For January, ICSC Research anticipates January comparable-store sales for the retail industry will increase by 2.0 to 3.0 percent on a year-over-year basis to finish the fiscal year.
Posted: January 24, 2012 Tuesday 07:45 AM