WASHINGTON (MNI) – The following is the commentary from the
ICSC-Goldman Sachs Weekly Chain Store Sales Snapshot released Tuesday:
Adverse national weather and higher gasoline prices continue to
hold down weekly retail sales as consumers pull back on seasonal and
discretionary spending once again. As a result, for the week ending May
21, retailers saw weekly retail sales slip by 1.0 percent, according to
the ICSC-Goldman Sachs Weekly Chain Store Sales Index. On a
year-over-year basis retail sales slowed by 3.1 percent.
“The wettest comparable week in ten years, combined with cooler
temperatures, negatively impacted spending on apparel and other seasonal
merchandise,” said Michael Niemira, ICSC vice president of research and
chief economist. “As the industry heads into the last fiscal week of
May, seasonal items may see a bump as consumers gear up for Memorial Day
weekend and better weather seemingly is expected nationwide.”
For May, ICSC Research anticipates monthly industry retail sales
will increase by between 3.0 to 3.5 percent.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDT$,MAUDS$,M$U$$$]
