Research >> Economics
ICSC Chain Store Sales decreased 0.8% in Jun 11 Wk
|
After two consecutive weeks of sales improvement the rollercoaster ride for retailers returned as week-over-week retail sales slipped during this past week. Overall for the week ending June 11 weekly retail sales declined by 0.8 percent, according to the ICSC-Goldman Sachs Weekly Chain Store Sales Index. On a year-over-year basis retail sales moderated marginally from the prior week to 2.4 percent.
“Although during the latest week the average national temperature was modestly warmer than last year, it was markedly warmer than its long-term trend for the comparable period. Additionally bouts of very hot weather in the Midwest and East added to the motivation to spend on seasonal goodsincluding for air conditioners and fansbut that was not strong enough or broad enough motivation to offset the slower spending trend for the week,” said Michael Niemira, ICSC vice president of research and chief economist. “With fuel prices beginning to decline and the official arrival of summer this week, consumers may be more willing to spend of seasonal items as we head into the last two fiscal weeks of June,” added Niemira.
ICSC Research forecasts that June industry sales will increase by between 3.0 to 4.0 percent, excluding the impact of fuel, and between 4.0 to 5.0 percent with fuel sales included.
Posted: June 14, 2011 Tuesday 07:45 AM