Research >> Economics
ICSC Chain Store Sales dropped 1.2% in Jan 22 Wk
For the week ending January 22, weekly retail sales declined by 1.2 percent, according to the ICSC-Goldman Sachs Weekly Chain Store Sales Index. However, the year-over-year pace improved from the prior week, increasing by 2.8 percent.
“Adverse weather in the East once again curbed discretionary spending, negatively impacting sales,” said Michael Niemira, ICSC director of research and chief economist. “However, January is a low volume month for sales and although it is shaping up to be softer than recent trends because of the impact of weather on discretionary sales, there is little fundamental significance to read into that weakness,” Niemira added.
For January, given the trends through the month, ICSC is lowering its expectation for the month to a gain of about 2% — which is about 0.5 percent lower than the expectation earlier in the month.
Posted: January 25, 2011 Tuesday 07:45 AM