Research >> Economics
ICSC Chain Store Sales decreased 0.7% in Jun 18 Wk
Despite the Fathers Day sales incentive consumers continued to hold back on their discretionary spending and gave retailers their second week of sales declines this past week. Overall, for the week ending June 18, weekly retail sales slipped by 0.7 percent, according to the ICSC-Goldman Sachs Weekly Chain Store Sales Index. On a year-over-year basis retail sales continued to moderate and slowed from the prior week to 2.2 percent.
“It appears that sales over the last week were soft as some increased promotional activity seemingly held back reported sales a tad,” said Michael Niemira, ICSC vice president of research and chief economist. “As we head into the last two weeks of the fiscal month, it appears that sales are tracking weaker, and, as a result, the forecast for the month has been trimmed to between 2.0 to 3.0 percent excluding the impact of fuel and between 3.0 to 4.0 percent with fuel,” added Niemira.
Posted: June 21, 2011 Tuesday 07:45 AM