RAPAPORT... U.S. chain-store sales increased 0.6 percent year on year for the week that ended on March 29, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs. However, comparable-store sales jumped 3.6 percent compared with the previous week.
“According to Weather Trends International, the average national temperature was 4 degrees Fahrenheit cooler than normal for the past week, marking the fourth coldest last week of March in more than 23 years. This certainly impacted consumers mindset to shop and the ICSC-GS survey bears that out, as it saw its highest percentage over the last four years of consumers reporting they didn’t shop through any channel,” said Michael Niemira, ICSC's vice president of research and chief economist. “Looking ahead, we anticipate pent-up consumer demand for spring apparel to drive sales as warmer weather returns.”
ICSC Research anticipates that chain-store sales will increase 3 percent in March. 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.