Research >> Economics
ICSC Chain Store Sales increased 0.5% in Apr 7 Wk
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The International Council of Shopping Centers (ICSC) reported that chain store sales increased 0.5% from the prior week, while increasing a robust 4.5% over the prior-year period during the week ending Apr 7th, which was the biggest rise since the last week of December. The ICSC‐GS consumer tracking survey found that consumers were shopping more at the mall, but less so over the past week at factory outlet centers. That also seemed to be supported by the shift towards more apparel stores visited this past week by consumers as Easter was the likely catalyst for that segment’s improvement. Discounters also gained some market share for the week. “The early Easter provided a last minute sales incentive for consumers who needed to finish up shopping for holiday-related items this past week,” said Michael Niemira, ICSC’s vice president of research and chief economist. “As we progress through the month we may see some sales volatility as a result of the Easter shift.”
Over the past week, temperatures continued to be unseasonably warm for the nation, but less so than in prior weeks. According to Weather Trends International (WTI), the national average temperature over the past week ending Saturday was 1.9°F warmer than last year and 4.6°F warmer than its long‐term average. Fuel prices had their first sequential weekly decline since the week of Jan 23rd. The US Energy Information Administration said gas prices fell by a slight 0.2 cents compared with the prior week’s price to $3.939 on Apr 9, but still sits 71 cents higher per gallon just since Christmas. For all of April, ICSC Research forecasts a comparable‐store sales gain of between 3% and 4% compared with a "tough" Easter‐sales‐inflated gain of 8.5% in April 2011.
Posted: April 10, 2012 Tuesday 07:45 AM