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ICSC Chain Store Sales rose 2.0% in Jan 16 Wk
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The International Council of Shopping Centers and Goldman Sachs Retail Chain Store Sales Index rose 2% in the week ended Saturday from the week before on a seasonally adjusted, comparable-store basis.
The increase--the biggest in the past month--came as consumers "headed to discounters to fight the post-holiday blues," ICSC said. The group noted that January is a low-volume month and can be affected by small swings.
"Sales shifted towards discounters during this past week, which helped to lift the week-over-week pace," added ICSC chief economist Michael Niemira. Last week, ICSC said consumers after the holidays had tended not to purchase items unless they were on sale.
Niemira also reiterated that January industrywide comparable-store sales are likely to be flat to up 1% "as lean inventories and the lack of the consumer's need to shop will keep sales moderate for the month." On a year-on-year basis, the reading rose 2.6% last week.
Posted: January 20, 2010 Wednesday 07:45 AM