Research >> Economics
ICSC Chain Store Sales rose by 0.7% in Dec 22 Wk
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The ICSC‐Goldman Sachs (ICSC‐GS) chain store sales index for the week ending December 22 rose by 0.7% from the prior week, which continued to reflect strength from last‐minute shopping. Although the ICSC‐GS index is adjusted for calendar shifts, the unadjusted calendar comparison was unfavorable for in‐store sales through December 22, 2012, which are being compared with the week ending December 24, 2011. This date difference negatively affected traffic comparisons with last year, but seemingly was more than offset by stronger spending (as a Gallup poll observed for the week). On the other hand, online holiday sales surged in the past week.
ComScore, Inc.—which tracks retail e‐commerce—reported that online vendors offering free shipping, if ordered early in the week, propelled sales by a whopping 53% for the workweek of December 17‐21, 2012 and accounted for $1.274 billion of “extra” holiday sales over the same period of 2011. ComScore noted that “Free Shipping Day” (Monday, December 17) alone caused sales to skyrocket by 76% ($1.01 billion) versus the same Monday of the prior year. Of course, calendar‐comparison impacts for online sales inflated its reported strength for the current week. In the final week of December, in‐store sales growth (unadjusted) is likely to be boosted by the calendar, which is why ICSC Research continues to hold to its expectations for the month.
Weather was generally unfavorable for retailers. According to Weather Trends, Inc. (WTI) the U.S. average nationwide temperature again was a modest 0.5°F warmer than last year, but a hefty 4.7°F above normal. WTI observed that during the past week ending Saturday that: “The first winter storm of the season [hit] in the Central Plains bringing blizzard conditions from eastern Colorado and up through the Great Lakes. Store traffic will have been negatively impacted by the storm which occurred during the second half of the week.” Gasoline prices edged lower during the week, but were generally a neutral factor.
Posted: December 26, 2012 Wednesday 07:45 AM