Research >> Economics
ICSC Chain Store Sales dip of 0.1% in May 10 Wk
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Spending was relatively flat on a week-over-week basis, but surged year-over-year. Sequentially, retailers experienced a slight dip of 0.1% in sales for the week ending May 10, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs Weekly Chain Store Sales Index. On a year-over-year basis sales rose by its strongest gain since June 1, 2013 as yearly sales rose by 3.9% as warm weather in the South helped to drive seasonal goods demand compared with an abnormally cold bout in the mid-section of the country in the comparable week of 2013.
"Temperatures turned milder in some parts of the country which helped drive seasonal demand-especially in the South and ahead of Mother's Day," said Michael Niemira, ICSC vice president of research and chief economist. "However, weather was not favorable in the West, which held back seasonal spending in that region and contributed to the sequential dip in overall spending," Niemira added.
For May, ICSC research forecasts that monthly comparable-store sales will increase by 3.0% to 3.5%.
Posted: May 13, 2014 Tuesday 07:45 AM