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U.S. Chain-Store Sales +3%

Weekly Sales Decline
May 29, 2013 7:46 AM   By Jeff Miller
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RAPAPORT... U.S. chain-store sales rose 2.8 percent year on year for the week that ended on May 25, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs. However, retail sales slipped 0.9 percent week to week, signaling no real consumer incentive to splurge.

"Despite the Memorial Day weekend lead-in, retailers once again are saw the return of a rollercoaster spending pattern this past week,” said Michael Niemira, ICSC's vice president of research and chief economist. “Overall for the week, the ICSC-GS consumer tracking survey found that demand was stronger at department, apparel and electronic stores, but considerably softer at discounters and wholesale clubs, thus highlighting the unevenness in sales across sales categories.”

ICSC Research anticipates that comparable-store sales will increase by between 2 percent and 3 percent in May, or roughly the same increase that was observed in April. 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, retail sales
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