Research >> Economics
ICSC Chain Store Sales increased 2.9% in Jun 25 Wk
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After three weeks of weekly declines, retail sales finally “popped” giving retailers something to celebrate as they head into the last fiscal week of June. As a result, for the week ending June 25, weekly retail sales jumped sharply by 2.9 percent, according to the ICSC-Goldman Sachs Weekly Chain Store Sales Index. On a year-over-year basis retail sales also rose significantly from the prior week to 3.0 percent.
“With falling gas prices, consumers finally started to spend a little more freely this past week giving retailers a much needed sales increase,” said Michael Niemira, ICSC vice president of research and chief economist. “As we head into the final week of the fiscal month and the arrival of the Fourth of July, retailers selling seasonal goods and food should continue to see a sales bump. Even with this past week’s results overall sales for the month still appear to be tracking on a softer side,” added Niemira.
For June, ICSC Research expects comp-store sales will rise between 2.0 to 3.0 percent excluding the impact of fuel and between 3.0 to 4.0 percent with fuel.
Posted: June 28, 2011 Tuesday 07:45 AM