Research >> Economics
ICSC Chain Store Sales decreased 1.2% in Sept 17 Wk
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The International Council of Shopping Centers (ICSC) reported that chain store sales fell for the 6th time in 8 weeks, declining 1.2% from the prior week, while growing 3.4% over the prior-year period during the week ending Sep 17th. A compositional sales shift in store venues affected the latest week’s performance. According to the ICSC‐GS channel checking survey, discount customer traffic softened considerably while department store business improved markedly, probably as weather turned seasonably cool and drove seasonal apparel demand in some regions. ”Sales volatility returned to the retail landscape as discounters appeared to have lost some business while the cold seasonal weather benefited department stores and lifted seasonal merchandise,” said Michael Niemira, ICSC’s vice president of research and chief economist.
The U.S. Energy Information Administration said that gas prices fell by 6 cents $3.601 on Sep 19th but still sits 32.2% higher than a year ago, continuing to restrain discretionary purchasing power for consumers. For all of September, 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: September 20, 2011 Tuesday 07:45 AM