Research >> Economics
ICSC Chain Store Sales dropped by 2.5% in Feb 9 Wk
|
The ICSC‐Goldman Sachs (ICSC‐GS) chain store sales index for the week ending February 9, 2013 reversed its prior week’s rise ‐‐ falling 2.5% from the prior week ‐‐ and on a year‐over‐year basis weakened to 2.1%. Grocery stores, wholesale clubs and drug stores seemed to benefit from the stocking‐up effect ahead of the blizzard that hit the Northeast late in the week, according to the ICSC‐GS consumer tracking survey. But Mother Nature made for the third snowiest first week of February retail month in more than 22 years, according to Weather Trends International, Inc. (WTI). In turn, that bout of adverse weather curbed shopper traffic for more discretionary spending items that would typically be found at department and apparel stores, in particular.
According WTI, the U.S. average nationwide temperature was 5.8°F colder than last year, but 2.4°F above its long‐term trend. WTI observed that over the past week, “Travel [in New England] was brought to a standstill in the blizzard area and up to 600,000 people lost power.” However, “a touch of spring across the South Central states will have gotten some shoppers out looking for spring apparel as high temperatures reached 80°F in Dallas, Texas.”
Meanwhile, the average price of a gallon of regular‐grade gasoline continued its march higher since December 24, 2012 for a cumulative 35.7‐cent increase. According to the U.S. Energy Information Administration, the U.S. average price of a gallon of regular grade gasoline was $3.611 on February 11, 2013‐‐up 7.3 cents from the prior week and up 2.5% from the same week of the prior year.
Posted: February 12, 2013 Tuesday 07:45 AM