WASHINGTON (MNI) – The following is the commentary from the
ICSC-Goldman Sachs Weekly Chain Store Sales Snapshot released
Tuesday:
The first week of January for retailers got off to a slow start as
unseasonable warm weather intensified the traditional post-holiday sales
slowdown. Overall, for the first fiscal week of the New Year, which
ended January 7, 2012, weekly retail sales fell by 5.4 percent,
according to International Council of Shopping Centers (ICSC) and
Goldman Sachs Weekly Chain Store Sales Index. This was the largest
week-over-week decline on record (since September 1989). On a
year-over-year basis, retail sales also slowed to 2.8 percent.
“January is a low sales volume month and small shifts can be
accentuated, which is the case in the first week of the January fiscal
month,” said Michael Niemira, ICSC vice president of research and chief
economist. “The slowdown was intensified by the abnormally warm weather
across the country which softened the demand for seasonal goods on a
week-over-week basis,” added Niemira.
For January, ICSC Research anticipates January comparable-store
sales for the retail industry will increase by 2.0 to 3.0 percent on a
year-over-year basis to finish the fiscal year.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDT$,MAUDS$,M$U$$$]
