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ICSC Chain Store Sales decline by 0.6% in Jan 12 Wk
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The ICSC‐Goldman Sachs (ICSC‐GS) chain store sales index for the week ending January 12, 2013 extended its decline by 0.6% from the prior week and the year‐over‐year pace decelerated to 3.3%. With the exception of discount store business, most segments were weaker than the same week of the prior year during the past week‐‐including drug, department, dollar, specialty, electronics, office and furniture stores. The post‐holiday spending blues seemingly kicked in with few catalysts for spending‐‐other than for staples.
Weather was a mild negative over the past week, while gasoline prices were neutral‐to‐positive for consumers. According to Weather Trends, Inc. (WTI) the U.S. average nationwide temperature was 2.1°F warmer than last year and a hefty 7.0°F above normal. Gasoline prices were relatively steady over the latest reading for January 14 versus the prior week, but down from the same week of last year‐‐based on the U.S. average price of regular‐grade gasoline as reported by the U.S. Energy Information Administration.
Posted: January 15, 2013 Tuesday 07:45 AM