Research >> Economics
ICSC Chain Store Sales rose by 0.3% in Mar 1 Wk
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Adverse weather conditions throughout the fiscal month made February a challenging environment for retail sales, but sales did rise sequentially in the final week of the month as need-driven sales and increased retailer promotions enticed some consumers to shop and spend. For the week ending March 1, 2014, sales rose by 0.3%, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs Weekly Chain Store Sales Index. On a year-over-year basis, sales remained at a relatively steady, but sluggish pace, with the prior week at 1.5%.
"As retailers faced more adverse weather over the prior weeks, they stepped up their promotional activity during the past week, which helped sales at some retailers, such as department store," said Michael Niemira, ICSC vice president of research and chief economist. "But the on-going negative impacts of stormy weather caused us to pare our monthly estimate of sales to about 3% from upwards of about a half percentage point higher. Yet, easy year-ago comparisons should still dominate the February reports," added Niemira
Posted: March 4, 2014 Tuesday 07:45 AM