Research >> Economics
ICSC Chain Store Sales decreased 0.1% in Oct 8 Wk
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The International Council of Shopping Centers (ICSC) reported that chain store sales fell for the 8th time in 11 weeks, declining 0.1% from the prior week, while growing 2.8% over the prior-year period during the week ending Oct 8th. Based on the ICSC‐GS channel‐checking survey, the pace of shopper footfall was weaker for the period, especially at discounters and department stores. “This past week featured a mixture of results as customer traffic weakened at discounters and department stores, but was steady at apparel specialty stores,” said Michael Niemira, ICSC vice president of research and chief economist.
“In addition, for the nation, weather was warmer than last year, but cooler in the West thus aiding in the soft results this past week,” added Niemira. The U.S. Energy Information Administration said that gas prices fell by nearly 8 cents to $3.433 on Oct 3rd, the lowest since Feb 28th but still 26% higher than a year ago, continuing to restrain discretionary purchasing power for consumers. For all of October, ICSC Research projects industry sales to rise 4.0% excluding the impact of fuel and 5.0% with fuel as receding economic shocks and worries are seemingly likely to keep the momentum intact.
Posted: October 11, 2011 Tuesday 07:45 AM