Research >> Economics
ICSC Chain Store Sales increased 0.1% in Aug 27 Wk
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The International Council of Shopping Centers (ICSC) reported that chain store sales rose a slight 0.1% compared to the prior week, the first gain in five weeks, while growing 3.0% over the prior-year period during the week ending Aug 27th. According to the ICSC-GS channel-checking survey, consumers were active shoppers in the East at grocery and drug stores–presumably stocking up on basics. In the South, consumers also were very active shoppers at discounters–which may reflect grocery sales there too, especially near the eastern seaboard.
“Mother Nature was active in the East last week with an earthquake and Hurricane Irene rolling through causing consumers to stock up on staples ahead of Irene’s wrath,” said Michael Niemira, ICSC’s vice president of research and chief economist. “Despite the small sales gain of the hurricane, monthly expectations remain the same when retailers report their monthly results on Thursday,” Niemira added. The U.S. Energy Information Administration said that gas prices rose by 4.6 cents to $3.627 on Aug 29th and sit 35% higher than a year ago, continuing to restrain discretionary purchasing power for consumers. For all of August, 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: August 30, 2011 Tuesday 07:45 AM