Research >> Economics
ICSC Chain Store Sales increased 0.2% in Mar 26 Wk
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Though the calendar reads that the "Spring has sprung," Ol' Man Winter just does not want to release his hold on winter putting the demand for seasonal goods at bay. However, consumer-staple sales at grocery and drug stores strengthened and helped to lift overall sales by 0.2 percent for the week ending March 26, according to the ICSC-Goldman Sachs Weekly Chain Store Sales Index. On a year-over-year basis, retail sales moderated to 2.6 percent.
“Compositionally, according to the ICSC-GS consumer channel-tracking survey, consumer staplessuch sales at grocery and drug storesperformed best this past week as colder weather continues to put a chill on more weather-sensitive demand,” said Michael Niemira, ICSC vice president of research and chief economist. “Overall March has been a tough month for retailers as they have had to faced generally more adverse factors lingering winter weather across the country, higher gasoline prices and tougher Easter-sales comparisons due to the later April this year which has contributed to the softer pace of sales throughout the month,” Niemira added.
For March, ICSC Research continues to expect comparable-store sales will be flat to up to 2.0 percent as the Easter shift (April 4, 2010 verse April 24, 2011) will cause a drag on sales.
Posted: March 29, 2011 Tuesday 07:45 AM