Research >> Economics
ICSC Chain Store Sales declined 2.0% in Feb 11 Wk
Mild temperatures combined with a light sales volume week caused weekly retail sales to drop for retailers. As a result, for the week ending February 11, 2012, retailers experienced a sharp weekly sales decline of 2.0%, according to International Council of Shopping Centers (ICSC) and Goldman Sachs Weekly Chain Store Sales Index. On a year-over-year basis, retail sales continue to remain positive but slowed to 2.8%.
"Sales dipped over the past week on relatively light-volume sales and abnormally mild temperatures across the country," said Michael Niemira, ICSC vice president of research and chief economist. "Although temperatures started out mild, the week got much colder by the end of the week which helped to drive what is left of winter clearance," added Niemira.
For February, ICSC Research anticipates comparable-store sales for the retail industry will increase by 3.0 - 3.5%.
Posted: February 14, 2012 Tuesday 07:45 AM