RapNet


Rapaport News

 

Retail

 

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

U.S. Chain-Store Sales +3%

Weekly Declines Continue for a Fifth Week
May 30, 2012 9:19 AM   By Jeff Miller
Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... U.S. chain-store sales rose 2.9 percent year on year for the week that ended on May 26, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs. However, the week-to-week change in comparable-store sales this month continued to reflect a negative trend as consumers turn more cautious with their spending patterns. ICSC observed a 0.5 percent drop in same-store sales, the fifth consecutive weekly decline.

"Consumers have been more pessimistic on many fronts during the month of May as the financial worries in Europe clearly have spilled over and weakened consumer confidence in the U.S. as the U.S. financial markets have retreated as well on increased global worry,” said Michael Niemira, ICSC's vice president of research and chief economist.  “Given this, retail sales followed suit and retreated throughout the month of May.”

ICSC Research revised its outlook lower for comparable-store sales in May and forecasts an industry gain of about 2 percent, down from 3 percent predicted earlier. The weekly chain-store sales snapshot is produced by ICSC and Goldman Sachs to measure U.S. nominal same-store, or comparable-store, sales while excluding restaurant and vehicle demand. The weekly sales index is presented on an adjusted basis to account for normal seasonal and other data anomalies.

Tags: chain-stores, ICSC, Jeff Miller, may, retail, sales
Similar Articles
Deloitte holiday gifts 150Deloitte Predicts Rise in US Holiday Sales
Sep 16, 2020
US retail sales are forecast to increase by up to 1.5% this holiday season,...
Tiffany Messed Up During Covid-19, LVMH Says
LVMH Scraps Tiffany Deal; Tiffany Sues
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us