WASHINGTON (MNI) – The following is the commentary from the
ICSC-Goldman Sachs Weekly Chain Store Sales Snapshot released Wednesday:
Ice and snow storms during the past week played havoc with the
consumers’ ability to shop. Overall, for the week ending January 15,
sales slipped slightly by 0.1 percent, according to the ICSC-Goldman
Sachs Weekly Chain Store Sales Index. In addition to the weekly sales
decline, sales on a year-over-year basis experienced their smallest gain
since May 22, 2010 and slowed to 1.4 percent.
“Last week’s disruptive weather once again accentuated the weakness
in sales,” said Michael Niemira, ICSC vice president of research and
chief economist. “Since January is a low-volume month for sales and more
susceptible to weather impacts and other volatility, the recent weakness
is not very meaningful — even though the month is shaping up softer
than recent trends,” Niemira added.
For January, ICSC Research expects the pace of retail sales will be
subdued with overall chain-store sales increasing by around 2.5 percent,
as weather impacts and less gift-card redemption this year compared with
January 2010 — as suggested by ICSC-Goldman Sachs consumer spending
surveys — restrain the pace of spending.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDT$,MAUDS$,M$U$$$]
