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RAPAPORT... U.S. chain-store sales rose 3.1 percent year on year for the week that ended on August 18, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs. However, on a week-to-week basis, comparable-store sales slumped 1.5 percent. “Retail sales continue to be mixed with weekly sales growth slipping but yearly momentum is relatively healthy,” said Michael Niemira, ICSC's vice president of research and chief economist. “Consumer traffic was a bit stronger over the past week, according to the ICSC-Goldman Sachs consumer tracking survey, as consumers were possibly enticed by the array of back-to-school retailer promotions from free haircuts to sweepstakes to win iPads.” ICSC Research anticipates that comparable-store sales will increase by between 3.5 percent and 4.5 percent in August. 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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