Retail Sales Down from a Year Ago

New York, NY, March 24, 2009–Chain-store sales for the week ended March 21 fell 1.4% from a year ago, hurt by a calendar shift in Easter, according to a survey released Tuesday by the International Council of Shopping Centers and Goldman Sachs.

On a week-over-week basis, sales dropped 0.4%.

“Although there are signs that consumer confidence is improving in recent weeks, consumer spending continues to struggle–though not any worse than earlier in the year,” said Michael Niemira, ICSC chief economist.

According to a Gallup Poll taken between March 17 and 19, consumer optimism in the economy is getting better–though still low-it rose to a 20-month high, Niemira said. As consumer confidence returns, sales will follow–but not quite yet, he said. ICSC forecast March sales to be flat to down 1%.