Research >> Economics
ICSC Chain Store Sales rose 0.3% in Feb 1 Wk
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In the final and third snowiest week of the fiscal month and year, snowfall throughout the nation slowed weekly sales. Despite the adverse weather conditions overall weekly sales rose slightly by 0.3% for the week ending February 1, 2014, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs Weekly Chain Store Sales Index. On a year-over-year basis, the pace of sales was flat.
"On the heels of the third snowiest final week of the fiscal month and year in more than 23 years, sales posted a sequential weekly gain, but were flat on a year-over-year basis," said Michael Niemira, ICSC vice president of research and chief economist. "According to Weather Trends International, last week saw a 'rare Deep South snowstorm' that spread snow and ice from Texas through New Jersey. That bout of adverse weather curbed consumers shopping, except for essentials that were picked up at drug stores. The ICSC-Goldman Sachs consumer tracking survey found a strong rise in drug store business over the past week relative to the same week of the prior year," added Niemira.
Due to the impact of weather on sales across the nation, ICSC Research expects monthly sales figures for January to about 3.0% when retailers report their monthly figures on Thursday, February 6, 2014.
Posted: February 4, 2014 Tuesday 09:42 AM