Research >> Economics
ICSC Chain Store Sales decreased 1.0% in May 21 Wk
Adverse national weather and higher gasoline prices continue to hold down weekly retail sales as consumers pull back on seasonal and discretionary spending once again. As a result, for the week ending May 21, retailers saw weekly retail sales slip by 1.0 percent, according to the ICSC-Goldman Sachs Weekly Chain Store Sales Index. On a year-over-year basis retail sales slowed by 3.1 percent.
“The wettest comparable week in ten years, combined with cooler temperatures, negatively impacted spending on apparel and other seasonal merchandise,” said Michael Niemira, ICSC vice president of research and chief economist. “As the industry heads into the last fiscal week of May, seasonal items may see a bump as consumers gear up for Memorial Day weekend and better weather seemingly is expected nationwide.”
For May, ICSC Research anticipates monthly industry retail sales will increase by between 3.0 to 3.5 percent.
Posted: May 24, 2011 Tuesday 07:45 AM