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ICSC Chain Store Sales Down 0.8% In Dec 6 Week
The International Council of Shopping Centers-Goldman Sachs Retail Chain Store Sales Index fell by 0.8% in the week to Dec. 6 from its level a week before, on a seasonally-adjusted, comparable store basis. This result Tuesday followed a 0.1% increase in the prior week. "With the rush and excitement of Black Friday sales and promotions behind them, consumer spending took a break from the pace of the prior week," ICSC said in a statement.
Michael P. Niemira, ICSC's chief economist and director of research, added that "over the last week, the completion rate of holiday gift-buying fell behind last year, and with it, holiday spending." On a year-on-year basis, retailers saw sales increase by 0.4% in the latest week. That is lower than the 1.3% year-on-year rise in the prior week.
Posted: December 9, 2008 Tuesday 07:15 AM