Research >> Economics
ICSC Chain Store Sales decreased 0.1% in Mar 19 Wk
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Despite a slight decline in weekly sales this past week, sales momentum remains favorable for retailers as they march through March. Overall, for the week ending March 19, weekly retail sales dipped slightly by 0.1 percent, according to the ICSC-Goldman Sachs Weekly Chain Store Sales Index. On a year-over-year basis, retail sales continue to hold their own but did slow a tad to 3.0 percent.
“Favorable sales momentum continued over the past week with weather seemingly helping apparel retailers,” said Michael Niemira, ICSC vice president of research and chief economist. “However, lingering winter weather this and next week — according to the WTI projections — could further accentuate the weakness that already will be present due to the shift in the date of Easter,” Niemira added.
For March, ICSC Research continues to expect comparable-store sales will be flat to up to 2.0 percent as the Easter shift (April 4, 2010 verse April 24, 2011) will cause a “big drag” on sales despite the widespread improvements in labor markets, economic conditions and the reduction in the payroll tax — which collectively are more than offsetting the potentially negative drag from high fuel and rising food prices on the consumers market basket.
Posted: March 22, 2011 Tuesday 07:45 AM