WASHINGTON (MNI) – The following is the commentary from the
ICSC-Goldman Sachs Weekly Chain Store Sales Snapshot released Tuesday:
Retailers got off to a positive start for the first fiscal week of
October as weekly retail sales improved. Overall for the week ending
October 6 weekly retail sales increased slightly by 0.2%, 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
retail sales also improved and rose by 2.8%.
“Gasoline shortages in Southern California hurt the consumers’
ability to shop as fuel prices surged in the state, but a bout of cold
weather in the Midwest likely boosted demand for fall apparel,” said
Michael Niemira, ICSC vice president of research and chief economist.
“The ICSC-Goldman Sachs consumer tracking survey suggested that overall
customer traffic was down in the latest week relative to the same period
of the prior year, but with some pockets of improvement, especially at
department stores, wholesale clubs, electronics stores and drug stores,”
Niemira added.
For October, ICSC research anticipates that the sales pace will
remain consistent with an increase of 3.5% to 4.5% (excluding drug
stores).
** MNI Washington Bureau: 202-371-2121 **
[TOPICS: MAUDT$,MAUDS$,M$U$$$]