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ICSC Chain Store Sales down 0.9% In July 11 Wk
The International Council of Shopping Centers and Goldman Sachs Retail Chain Store Sales Index fell 0.9% in the week ended Saturday from the week before on a seasonally adjusted, comparable-store basis. On a year-on-year basis, retailers' sales declined 0.7% in the latest week.
Michael P. Niemira, ICSC chief economist, said the retail month of July started with the coldest week in 12 years for the country as a whole, according to Weather Trends International. He added the cool weather pared back seasonal demand, and said July will likely be another tough month, since it is a clearance month for seasonal goods. Many retailers have already taken big markdowns and have less to clear than a year ago, since they ordered less. ICSC expects industry sales to be down about 5.5% from last year, he said.
Posted: July 14, 2009 Tuesday 07:45 AM