Chain Store Sales Higher Than a Year Ago

New York, NY, Oct. 21, 2008--U.S. chain-store sales for the week ended Oct. 18 rose 0.9 percent from the year-ago period, according to a survey released Tuesday by the International Council of Shopping Centers and Goldman Sachs.

However, on a week-over-week basis, sales fell 1.6 percent.

"Thus far sales for October are experiencing the same tough retail landscape as September as consumers continue to be extremely cautious in their spending patterns," said Michael Niemira, ICSC's chief economist.

"The good news is that the global financial crisis is being addressed by government officials and central bankers, which in turn should provide calmer financial markets and ultimately a recovery in confidence. Returning confidence is a necessary ingredient for consumer spending to improve as well."

For the month of October, ICSC is forecasting a sales gain of 1% to 2%.