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ICSC Chain Store Sales down 0.2% in Aug 7 Wk
August began where July left off for retailers as sales declined once again this past week. According to the ICSC and Goldman Sachs Weekly Chain Store Sales Index, weekly sales were down by 0.2 percent for the week ending August 7, 2010. On a year-over-year basis, the sales index weakened a bit as yearly sales slowed by 3.7 percent.
“Sales moderated a tad during the first week of the August fiscal month,” said Michael Niemira, ICSC director of research and chief economist. “Back-to-school sales state tax holidays kicked in late in the week for a number of states, which helped to drive customer traffic in those states, but that was not enough to provide a nationwide lift to the sales pace from the prior week. For the fiscal month of August, sales are likely to increase by 3.0 percent as back-to-school demand will drive sales by the end of the month,” Niemira added
Posted: August 10, 2010 Tuesday 07:45 AM