WASHINGTON (MNI) – The following is the commentary from the
ICSC-Goldman Sachs Weekly Chain Store Sales Snapshot released Tuesday:
The September fiscal-month sales pace ended on a softer note as
discounters and department stores experienced a slower pace of customer
traffic. As a result, sales for the week ending September 29 dropped by
0.3%, according to the International Council of Shopping Centers (ICSC)
and Goldman Sachs Weekly Chain Store Sales Index. On a year-over-year
basis, retail sales also moderated, rising by 2.4%.
“Last week retailers saw a decline in customer traffic, which
caused weekly sales to moderate,” said Michael Niemira, ICSC vice
president of research and chief economist. “Although the pace ended on a
softer note, September should still post a solid sales performance that
is in keeping with ICSC’s overall expectations for the pace throughout
the rest of the year. While some crosscurrents still persist, the
current sales pace is sustainable, which bodes well for the holiday
shopping season.”
For September (reporting Thursday October 4), ICSC research
anticipates that the sales pace will moderate to a 3.0% – 4.0% increase
(excluding drug stores) from the 6.0% gain in August.
** MNI Washington Bureau: 202-371-2121 **
[TOPICS: MAUDT$,MAUDS$,M$U$$$]
