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ICSC Chain Store Sales rose 0.2% in Oct 17 Wk
The International Council of Shopping Centers and Goldman Sachs Retail Chain Store Sales Index rose 0.2% in the week ended Saturday from its level a week before on a seasonally adjusted, comparable-store basis. On a year-on-year basis, retailers saw sales rise 2.8%, the biggest increase in 14 months, according to data reported Tuesday.
"Though the year-over-year sales comparison was easy, consumers shopped late in the week helping to push up the weekly performance," said Michael P. Niemira, ICSC chief economist. "Weather was a contributing factor for the sales improvement as fall merchandise got a lift this past week."
ICSC still expects flat same-store sales this month, with an upside surprise more likely. Retailers in general posted surprise growth in September, the industry's first increase in 13 months as year-to-year comparisons have gotten easier.
Posted: October 20, 2009 Tuesday 07:45 AM