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RAPAPORT... U.S. chain-store sales rose 1.8 percent year on year during the week that ended on August 31, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs. However, weekly comparable-store sales contracted 0.6 percent as fewer shoppers hit retail stores during the period.
“The summer sales lull continued this past week as overall sales finished the fiscal month on August 31 on the softer side,” said Michael Niemira, ICSC's vice president of research and chief economist. “According to the ICSC-Goldman Sachs weekly consumer tracking survey, weaker business activity was seen over the past week leading up to the Labor Day holiday and across retail categories.”
Even with mixed results in August, ICSC Research remains optimistic that comparable-store sales will lift by between 4.5 percent and 5 percent when the month's data is reported on September 5. 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.
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