Chain Store Sales Fall

Washington, DC, July 14, 2009--U.S. weekly chain store sales fell 0.7 percent for the period that ended July 11, according to the latest data from the International Council of Shopping Centers (ICSC) and Goldman Sachs.

The first full week of July followed poor retail performance in June in which same-store sales at the nation's chains dropped 5.1 percent, according to the group. ICSC contended that chilly weather across much of the nation this past week contributed to a weak spending start in July.

Michael P. Niemira, ICSC chief economist, said, “The cool weather pared seasonal demand, which accentuated the challenges for the industry from the economy and from reduced clearance for some retailers that did not stock up for the season.  July will likely be another tough month as it is a clearance month for seasonal goods and many retailers already took hefty markdowns and have less to clear than one-year ago, since they ordered less too.  Given this, ICSC Research anticipates industry sales to be down by about 5.5 percent from last year.”