Research >> Economics
ICSC Chain Store Sales decreased 1.5% in Aug 13 Wk
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The International Council of Shopping Centers (ICSC) reported that chain store fell 1.5% compared to the prior week, the third consecutive decline and the steepest drop in 3 months, while growing 3.5% over the prior-year period during the week ending Aug 13th. ICSC said recent stock market volatility and weakness negatively affected 47% of all consumers, with 31% reporting that the impact on their willingness to spend for discretionary or nonessential items was modestly negative, while 16% of consumers observed that they were significantly less willing to spend in the midst of the market volatility.
“Last week’s large scale stock market drops and wild volatility added to consumers concerns about the slowing and failing economy and as a result pulled back on their overall spending once again,” said Michael Niemira, ICSC’s vice president of research and chief economist. ”The one positive is that gasoline prices dropped across the country last week, which might begin to restore some consumer confidence for the rest of the month—even though gasoline prices at the pump remain up about 31 percent from the same point in 2010,” Niemira added. The U.S. Energy Information Administration reported that gas prices declined by 7 cents to $3.604 on Aug 15th, the lowest since July 4. 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 16, 2011 Tuesday 07:45 AM