New York, NY, January 11--The International Council of Shopping Centers-UBS Retail Chain Store Sales Index fell by 0.6% in the week ended Jan. 8 compared to the week before, on a seasonally adjusted, comparable-store basis, according to data released Tuesday. This followed an increase of 0.2% in the prior week.
"January is a month when we typically see slower sales volume, which means that weather can and did play a more pronounced factor this week as unseasonably warmer temperatures nationwide, snowstorms, and heavy rainfall in Southern California gave consumers a reason to curb some of their spending," said Mike Niemira, chief economist at ICSC who compiles the index.
"Despite this, the redemption of gift cards will continue to remain strong and will boost January sales. For January, ICSC expects retail chain store sales to increase by approximately 3.0% on a year-over-year basis."
The index rose at a 4.4% rate of increase on a year-over-year basis in the week ended Jan. 8 after a 4.6% increase in the prior week.
