Research >> Economics
ICSC Chain Store Sales decreased 1.0% in Aug 20 Wk
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The International Council of Shopping Centers (ICSC) reported that chain store fell 1.0% compared to the prior week, the fourth consecutive decline, while growing 3.0% over the prior-year period during the week ending Aug 20th, which matched the weakest growth since late June. ICSC said sales continued to be mixed by store type and by region with improvement among some apparel retailers in the latest week relative to earlier in the month.
”Sales were mixed nationwide for the week with discounter business weaker overall which in turn dragged down the weekly industry performance,” said Michael Niemira, ICSC vice president of research and chief economist. "However, back-to-school sales got a lift in the Midwest through the East, in particular, from favorable cooler temperatures,” Niemira added. The U.S. Energy Information Administration reported that gas prices declined by 2.3 cents to $3.581 on Aug 22nd, the lowest since July 4, and has declined 13 cents over the past 3 weeks, but still sits 32% higher than a year ago. 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 23, 2011 Tuesday 07:45 AM