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RAPAPORT... U.S. chain-store sales rose 2.9 percent year on year for the week that ended on July 6, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs. Weekly comparable-store sales jumped 3 percent, the strongest showing in several months. "Possibly due to when the Independence Day holiday fell this year (on Thursday) and the likelihood that more Americans celebrated with an extended four-day holiday weekend strong business was seen across most retail categories, but, especially at grocery stores, department stores and specialty stores this past week,” said Michael Niemira, ICSC's vice president of research and chief economist. “In addition, summer clearance aided in the strong finish to the June fiscal month.” ICSC Research anticipates comparable-store sales will have increased by between 3 percent and 3.5 percent for the month of June when sales are reported on July 11. 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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