Research >> Economics
ICSC Chain Store Sales increased 1.3% in Sept 10 Wk
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The International Council of Shopping Centers (ICSC) reported that chain store sales rose for just the 2nd time in 7 weeks, climbing 1.3% from the prior week, while growing 3.3% over the prior-year period during the week ending Sep 10th. As more normal weather conditions returned to the East, in particular, so too did the consumers’ spending appetite, which picked up. The ICSC‐GS channel checking survey found that helping to drive sales for the week was a pickup in discounters’ business, while drug store business seemingly was appreciably weaker in the most recent period. Michael Niemira, ICSC’s vice president of research and chief economist, concluded that with the last of back-to-school shopping coming to a close, the next few weeks look promising for retailers.
The U.S. Energy Information Administration said that gas prices fell by a little more than a penny to $3.661 on Sep 12th but sits 34.5% higher than a year ago, continuing to restrain discretionary purchasing power for consumers. For all of September, ICSC Research projects industry sales to rise between 3.0% and 4.0% excluding the impact of fuel and between 4.0% and 5.0% with fuel.
Posted: September 13, 2011 Tuesday 07:45 AM