Research >> Economics
ICSC Chain Store Sales Index Up 2.6% In Dec 20 Wk
The International Council of Shopping Centers and Goldman Sachs Retail Chain Store Sales Index increased 2.6% in the week to December 20 from its level in the previous week, on a seasonally-adjusted, comparable store basis. On a year-on-year basis, retailer sales declined 0.6% in the latest week, as consumers complete holiday gift purchases at a slower pace than last year.
"Despite the underlying sales weakness, the holiday-gift completion rate rose sharply from 63% in the prior week to 80%, which helped to drive the weekly sales pace. This combined with the fact that a third of consumers reported in our ICSC-GS holiday surveys that they were buying more gifts instead of gift cards further helped the weekly performance," said Michael P. Niemira, ICSC chief economist. The weekly result Tuesday followed a 0.6% rise in the prior week and a 0.8% decline in the week before that.
Posted: December 23, 2008 Tuesday 07:46 AM