Chain Store Sales Down 1.1% Last Week

New York, NY, September 18, 2007—Chain store sales were off 1.1% in the week ended September 15 from the prior level, according to the International Council of Shopping Centers-UBS Retail Chain Store Sales Index. The index rose 0.3% in the prior week.

"Though the weekly decline was large the less volatile year-over-year pace remained steady - which suggests one should not read too much into the weekly decline per se," said Mike Niemira, chief economist at ICSC who compiles the index.

"For September, we still expect retail sales to increase by 2.5% on a year-over-year basis, as some new merchandise line introductions seemingly are helping to lift consumer interest and demand at some stores."

On the year, chain store sales were up 2.9% in the week ended Sept. 15 compared with a like 2.9% rise the prior week.