Chain Store Sales Fall Final Week of February

New York, NY, March 3, 2009--The ICSC-Goldman Sachs survey reported that chain store sales fell by an annual pace of 0.8%, matching the previous week's decline, the week ending Feb. 28.

On a weekly basis sales fell 0.6%, reversing the previous week's 0.6% increase.

"February's fiscal month ended on a weaker note with a fall-off in customer traffic and sales this past week," said Michael P. Niemira, ICSC's chief economist.

The ICSC-Goldman Sachs survey examines 75 retail chain stores in the U.S., excluding restaurants and vehicle demand.

The news was in line with the Johnson Redbook retail survey, which recorded a 1.9% decline in the week compared to the same period last year. In addition, sales to date in February were up 0.8% compared to January.