WASHINGTON (MNI) – The following is the commentary from the
ICSC-Goldman Sachs Weekly Chain Store Sales Snapshot released Tuesday:
July got off to a strong start for retailers as hot weather and the
Independence Day holiday helped to spur sales this past week. Overall,
for the week ending July 7, weekly retail sales rose sharply by a solid
2.0%, 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 recovered from last week’s softening and rose by
3.0% over last year.
“This past week featured a number of factors – extreme hot weather,
Independence Day and vacations – all of which helped to spur sales of
summer-related goods,” said Michael Niemira, ICSC vice president of
research and chief economist. “As positive as the results were, this
first fiscal week of July is traditionally a quiet week relative to
later in the month when back-to-school shopping kicks-in,” Niemira
added.
For the month of July, ICSC Research anticipates that comp-store
sales will increase by between 1.0% and 1.5% overall, including drug
store sales and 3.0% and 3.5% excluding drug stores.
** MNI Washington Bureau: 202-371-2121 **
[TOPICS: MAUDT$,MAUDS$,M$U$$$]
