Research >> Economics
ICSC Chain Store Sales down 0.4% in Aug 21 Wk
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For the fourth consecutive week retailers saw their weekly sales decline as a confluence of factors seem to be softening consumers’ willingness to spend. As a result, for the weekly ending August 21, weekly sales slipped by 0.4 percent — the longest stretch since September 2008, according to the ICSC and Goldman Sachs Weekly Chain Store Sales Index. On a year-over-year basis, the sales index slowed to 2.3 percent, however, continued to remain positive.
“Sales growth receded again as lingering hot weather curbed the demand for fall and back-to-school clothing, weak pricing power restrained the nominal reported spending pace and a general economic malaise slowed the consumers’ desire to spend,” said Michael Niemira, ICSC director of research and chief economist. “Overall demand is modest and ICSC Research continues to expect monthly comparable or same-store sales for August — which largely will be reported on September 2 — to rise about 3.0 percent, which is consistent with recent monthly trends,” Niemira added.
Posted: August 24, 2010 Tuesday 07:45 AM