New York, NY, February 1--The International Council of Shopping Centers-UBS Retail Chain Store Sales Index plunged by 1.9% in the week ended Jan. 29 from the week before, on a seasonally adjusted, comparable-store basis, according to data released Tuesday.
This followed an increase of 0.1% in the prior week.
"Traditionally this is a slow volume time for retailers when calendar shifts and other anomalies tend to accentuate swings," said Mike Niemira, chief economist at ICSC who compiles the index. "As a result of the late-month weak finish, we have lowered our monthly `as reported' estimate for January sales to 2.5% on a year-over-year basis."
The index rose 2.5% on a year-over-year basis in the week ended Jan. 29 after a 3.1% increase the week before.
