Research >> Economics
ICSC Chain Store Sales were flat, or down 0.1% in Oct 5 Wk
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U.S. chain-store sales rose 1.8 percent year on year for the week that ended on October 5, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs. However, weekly comparable-store sales were flat, or down just 0.1 percent, due to the government shutdown and political infighting from Washington D.C., according to the group.
“Business weakened across most segments, according to the ICSC-Goldman Sachs Consumer Tracking Survey, but improved notably for discounters and dollar stores,” said Michael Niemira, ICSC's vice president of research and chief economist. “With the backdrop of the federal government shutdown, it is hard to say how much of the retail weakness over the past week was due to that situation and how much it will affect sales moving forward.”
ICSC Research anticipates that September's chain-store sales, excluding drugstores, will increase 2 percent to 3 percent. The weekly chain-store sales snapshot is produced by ICSC and Goldman Sachs to measure U.S. nominal same-store, or comparable-store, sales while excluding restaurant and vehicle demand. The weekly sales index is presented on an adjusted basis to account for normal seasonal and other data anomalies.
Posted: October 8, 2013 Tuesday 07:45 AM