WASHINGTON (MNI) – The following is the commentary from the
ICSC-Goldman Sachs Weekly Chain Store Sales Snapshot released Tuesday:
After last week’s bout with Hurricane Sandy, consumers rebounded
and gave retailers a positive sales week overall. For the week ending
November 10 weekly retail sales rose slightly by 0.7%, according to the
International Council of Shopping Centers (ICSC) and Goldman Sachs
Weekly Chain Store Sales Index. However, on a year-over-year basis, the
pace of retail sales remained sluggish with a 1.8% pace.
“Overall weekly sales rebounded as grocery-store sales got at lift
in the aftermath of Hurricane Sandy as consumers seemingly began to
restock, according to the ICSC-Goldman Sachs consumer tracking survey,”
said Michael Niemira, ICSC vice president of research and chief
economist. “With Black Friday getting closer, retailers and consumers
alike will begin to focus on extended store hours, bargains, specials
and holiday-gift buying, which should provide a lift to end of the
month,” Niemira added.
For November, ICSC research anticipates that the sales will rise by
4.5% to 5.5% (excluding drug stores) as some holiday and replacement
demand will begin to kick in later in the month.
** MNI Washington Bureau: 202-371-2121 **
[TOPICS: MAUDT$,MAUDS$,M$U$$$]
