RAPAPORT... U.S. chain-store sales rose 1.8 percent year on year for the week that ended on July 28, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs. However, on a week-to-week basis, comparable-store sales slumped 1.7 percent.
''After a good start for the month, consumers took a pause at month's end with slower customer traffic and sales across all retail segments,'' said Michael Niemira, ICSC's vice president of research and chief economist. ''Despite the late July softness in sales, the good news is that many states will be offering state sales tax holidays in August, which should rev up consumers’ shopping interest again in the coming weeks as they take advantage of those tax breaks,'' Niemira added.
ICSC Research anticipates that comparable-store sales will increase by between 1 percent and 1.5 percent overall in July. The weekly chain-store sales snapshot is produced by ICSC and Goldman Sachs to measure U.S. nominal same-store, or comparable-store, sales while excluding restaurant and vehicle demand. The weekly sales index is presented on an adjusted basis to account for normal seasonal and other data anomalies.