Research >> Economics
ICSC Chain Store Sales rose by 0.7% in Mar 9 Wk
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The ICSC‐Goldman Sachs (ICSC‐GS) chain store sales index for the week ending March 9, 2013 rose by 0.7% from its prior week's level, but its year‐over‐year pace held steady at 1.8%. According to the ICSC‐GS consumer tracking survey, business strengthened appreciably at grocery stores over the past week relative to the prior year’s comparable period and apparel‐specialty stores had a moderate gain. However, discounters’ business was markedly softer over the last week. Most other key segments were a little stronger or a little weaker relative to the pace of the prior week.
According to Weather Trends International, Inc. (WTI), the U.S. average nationwide temperature was 4.0°F colder than last year and 2.2°F colder than its long‐term trend. WTI observed, “A late season winter storm lashed parts of the North Central states with blizzard conditions and then moved across the Ohio Valley midweek with moderate snowfall (including Chicago where this was the heaviest snowfall of the season) and then headed to the coast of the Mid‐Atlantic where it developed into a Nor'easter.” As March rolls on, Easter apparel demand will benefit from more mild weather, but this may not be forthcoming.
Meanwhile, the average price of a gallon of regular‐grade gasoline—which had been on an upward trek for 10‐consecutive weeks—receded for the second consecutive week. According to the U.S. Energy Information Administration, the U.S. average price of a gallon of regular grade gasoline was $3.710 on March 11, 2013‐‐down 3.1 cents from the prior week or 7.4 cents over the past two weeks, after a hefty 53 cents cumulative gain over the prior ten weeks.
Posted: March 12, 2013 Tuesday 07:45 AM