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RAPAPORT... U.S. chain-store sales rose 2.7 percent year on year for the month of February, according to the International Council of Shopping Centers (ICSC). The group initially anticipated that same-store sales would grow by between 3 percent and 3.5 percent, but ICSC narrowed its growth projection to 3 percent on Tuesday. “A number of retailers commented on the negative impact weather had on company sales this month, creating store closings and reduced operating hours for retailers and a decrease in spring category demand for consumers,” said Michael P. Niemira, ICSC’s chief economist, vice president and director of research. “For March, the expectation is that sales will stay roughly in line with the current trend due in part to the later Easter holiday this year. Easter, a catalyst for spring family apparel demand, fell at the end of March last year providing a boost to the month.” This year, Easter falls on April 20, which is three weeks later than 2013, and ICSC expects that a later Easter weekend is actually more favorable on a net basis for driving sales because the weather is generally warm across the nation. ICSC research forecasts that comparable-store sales will increase by about 3 percent in March.
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