Research >> Economics
ICSC Chain Store Sales Rise 1.4% in Jul 20 Wk
U.S. chain-store sales rose 2.1 percent year on year for the week that ended on July 20, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs. Weekly comparable-store sales also rose, increasing 1.4 percent from the previous week as summer clearance sales attracted shoppers.
"Sales recovered from the prior week’s dip as department store sales, in particular, appeared to improve markedly, based on the ICSC-Goldman Sachs consumer tracking survey,” said Michael Niemira, ICSC's vice president of research and chief economist. “In addition, summer clearance sales continued to be the prime mover for sales, especially helped this past week by a bout of excessive heat in the Northeast and parts of the Midwest, and those sales will remain the prime mover until back-to-school shopping kicks in more aggressively in August.”
ICSC Research anticipates comparable-store sales will increase by between 3 percent and 3.5 percent for the month of July. 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: July 23, 2013 Tuesday 07:45 AM