Research >> Economics
ICSC Chain Store Sales increased 0.4% in Jul 16 Wk
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Retailers enjoyed another week of positive sales results as overall sales momentum continued this past week as consumers continued to spend on seasonal and clearance items. As a result, for the week ending July 16, weekly retail sales rose for the fourth consecutive week by 0.4 percent, according to the ICSC-Goldman Sachs Weekly Chain Store Sales Index. On a year-over-year basis the pace of retail sales slowed to 4.5 percent from the prior week.
“Sales momentum continue this past week, even with the year-over-year pace slowing from last weeks strong uptick,” said Michael Niemira, ICSC vice president of research and chief economist. “According to the ICSC-Goldman Sachs weekly consumer channel tracking survey discount business improved, in particular, over last week as consumers continued to be cautious in their spending,” Niemira added.
ICSC Research expects July sales will likely increase between 4.5 to 5.5 percent –more in line with its year-to-date trend–and by 3.5 to 4.5 percent, excluding the impact of fuel.
Posted: July 19, 2011 Tuesday 07:45 AM