Research >> Economics
ICSC Chain Store Sales rose 3.0% in Feb 18 Wk
|
The International Council of Shopping Centers (ICSC) reported that chain store sales rose 3.0% from the prior week, the best since Dec 18th, and increased 3.2% over the prior-year period during the week ending Feb 18th. “Valentine’s Day gifts likely contributed to the better performance this past week as sales volatility continued, but, this time resulting in a strong positive sales performance for retailers,” said Michael Niemira, ICSC’s vice president of research and chief economist. “Moreover, a bout of winter weather helped any remaining demand for winter clearance merchandise, as well as some pre-seasonal whiffs of spring weather gave consumers an additional reason to shop for some spring apparel too.”
On a year‐over‐year basis, the ICSC‐GS consumer tracking survey found that consumers frequented apparel stores more this past week than the same week of last year and apparel‐store traffic was one of the stronger segments for the week. According to Weather Trends International (WTI), the national average temperature over the past week ending Saturday was 6.1°F colder than last year, but 1.6°F warmer than its long‐term average. WTI further noted that “the week started off with 'old‐man winter' reminding everyone that it is still February as an icing event glazed roads from North Texas to the Ohio Valley and a Pacific storm brought moderate snow to the mountains in the West…This was the first week since mid November to trend much colder than last year.”
The US Energy Information Administration said gas prices jumped by another nearly 7 cents compared with the prior week’s price to $3.591 on Feb 20 and was 12.6% higher than a year ago, and is now 36.2 cents higher since Christmas. Consumers continue to face higher fuel expenses, pinching their discretionary purchasing power. For all of February, ICSC Research forecast a 3% to 3.5%% gain compared with a 4.2% rise in February 2011.
Posted: February 22, 2012 Wednesday 07:45 AM