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ICSC Chain Store Sales dipped 0.1% in Nov 14 Wk
The International Council of Shopping Centers and Goldman Sachs Retail Chain Store Sales Index dipped 0.1% in the week ended Saturday from its level a week before on a seasonally adjusted, comparable-store basis. On a year-on-year basis, the reading climbed 2.4%, lower than the prior week.
ICSC chief economist Michael P. Niemira said sales last week were again hurt by warmer-than-normal weather depressing seasonal-goods demand. "Customer traffic patterns were also mixed with improvement at department stores," he added, "but weaker at grocery stores, drug stores and discounters."
After last year's 7.7% tumble, ISCS has been projecting November same-store sales to jump 5% to 8%. But as Niemira said last week, sales are tracking below that range.
Posted: November 17, 2009 Tuesday 07:00 AM