Research >> Economics
ICSC Chain Store Sales rose 2.0% in Jun 23 Wk
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The International Council of Shopping Centers (ICSC) reported that chain store sales rose 2.0% rom the prior week, the best gain since the last week of March, while increasing 2.7% over the prior-year period during the week ending June 23rd, the weakest performance in 14 weeks. According to the ICSC‐GS consumer tracking survey, business was considerably stronger compared with the same week of the prior year at apparel‐specialty stores during the past week and stronger at wholesale clubs and other specialty stores (jewelry, books, etc.). However, business moderated at dollar stores and discounters.
According to Weather Trends International (WTI), the national average temperature over the past week ending Saturday was 1.7°F warmer than last year and 2.9°F warmer than its long‐term average. WTI noted that, “The first heat wave of 2012 in Boston, New York and Philadelphia [hit with temperatures in the] upper 90s during the second half of the week. Over 50 new record highs were set in the Northeast (Wednesday through Friday). Demand for bottled water, apparel, pool chemicals, beer, suncare and auto batteries” was boosted. On the other hand, “Tropical Storm Debby formed late in the week and lashed west Florida. Consumers will have been out on Saturday looking for batteries, plywood and other storm‐related merchandise.” Meanwhile, fuel prices had their 12th straight weekly pullback and continued to lift potential discretionary spending power. The US Energy Information Administration said gas prices fell another 9.6 cents compared with the prior week to $3.437 on June 25th and, cumulatively, by 50.4 cents over the past 12 weeks. Compared with the same week of the prior year, the price of regular‐grade gasoline fell by 3.8% in the latest week, which was its 10th straight year-over-year drop. For all of June, ICSC Research forecasts a comparable‐store sales gain of about 1.5% (including drug stores, which will be reported later due to the calendar). Excluding drug stores, sales are expected to increase by around 3.0% to 3.5%.
Posted: June 26, 2012 Tuesday 07:45 AM