New York, NY, October 25, 2005--Chain store retail sales fell in the latest week, as sales were mixed and consumer demand for fall apparel slowed, a retail report said on Tuesday.
Sales fell 0.2 percent in the week ended October 22, compared with 0.4 percent increase the previous week, the International Council of Shopping Centers and UBS said in a joint report.
Compared with the same week a year ago, sales grew by 3.6 percent -- its best showing since early September, after a 3.3 percent rise the preceding week.
"Conditions are changing for retailers and that change is more favorable," said Michael P. Niemira, ICSC's chief economist and director of research.
"Over the last week, gasoline prices have fallen to their lowest since mid-August, while a bout of cold weather is moving in and will likely spur consumer's interest in fall and even winter apparel," added Niemira.
"With the trend slightly better in recent weeks, we now expect comp-store sales for October could finish in the 3.0 to 3.5 percent range - slightly ahead of earlier expectation of 3.0 percent," Niemira said.
The ICSC-UBS Weekly Chain Store Sales Snapshot is compiled from a group of major discount, department and chain stores across the country that report their weekly results.
