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ICSC Chain Store Sales Index -1.5% In Dec 27 Wk
U.S. chain store sales were hit last week by sluggish demand from consumers combined with severe weather conditions in several parts of the country, the International Council of Shopping Centers said Tuesday. The ICSC/Goldman Sachs Retail Chain Store Sales Index fell 1.5% in the week ended Dec. 27 from the prior week and was down 1.8% on the year on a seasonally adjusted, comparable-store basis.
"The 2008 recession, widespread heavy discounting and adverse pre-holiday weather all coalesced to produce the weakest holiday season since at least 1970," noted Michael P. Niemira, ICSC's chief economist and director of research. "Although there is another week in the fiscal month, December's sales are unlikely to get much help from the post-Christmas shopping," Niemira said in a press release. ICSC expects December comparable store sales to decline by at least 1%, with some sectors recording double-digit declines.
Posted: December 30, 2008 Tuesday 07:46 AM