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ICSC Chain Store Sales Down 0.9% In Nov 22 Week
The International Council of Shopping Centers and Goldman Sachs Retail Chain Store Sales Index declined 0.9% in the week to Nov. 22 from its level a week before, on a seasonally-adjusted, comparable store basis. On a year-on-year basis, retailers saw sales decline 0.8% in the latest week. This marks the second weekly decline for year-on-year sales - the first drops since April 5, 2003.
"Ahead of Black Friday shopping, consumers are seemingly holding back waiting for those big discounts in the days following Thanksgiving, which means that a lot is riding on Black Friday shopping," said Michael P. Niemira, ICSC chief economist. Black Friday refers to the day after Thanksgiving, when U.S. retailers seek to go into the black, or turn a profit, with major sales. The weekly result Tuesday followed a 0.3% rise in the prior week and a 1.0% decline in the week before that.
Posted: November 25, 2008 Tuesday 07:47 AM