RAPAPORT... Poor weather conditions in many locations across the U.S. were blamed for the drop in consumer spending recorded by chain stores this past week. The International Council of Shopping Centers (ICSC) and Goldman Sachs determined that chain-store sales dropped 0.7 percent from one year ago. Same-store sales fell by 1.6 percent compared with the previous week.
 
“A severe blizzard dumped another heavy accumulation of snow in the East at midweek, followed by a record-breaking snowstorm in the South from Dallas to Atlanta, which hindered consumers’ ability to shop,” said Michael Niemira, ICSC's director of research and chief economist. “Reflecting that widespread impact, news reports highlighted the unusual weather situation last week as 49 of the 50 states had snowfall. However, storm-induced, pent-up demand is likely to be unleashed during the upcoming current week."

ICSC is holding to its earlier prediction that chain-store sales will increase by 2 percent during the month of February 2010.