New York, NY, May 23, 2006--Chain store sales eased in the latest week as shoppers lacked a strong catalyst for spending, according to a report on Tuesday.
Sales eased 0.8 percent in the week ended May 20, after holding steady in the previous week, according to the report produced by the International Council of Shopping Centers and UBS Securities LLC.
The ICSC said sales rose 3.5 percent last week versus the same week in 2005. In the previous week, sales were up 4.2 percent versus the same week a year earlier.
"There appears to be little discernible reason for the slowdown, other than a lack of any immediate spending catalysts," said Michael P. Niemira, ICSC's chief economist and director of research.
For May, unadjusted comparable-store sales are expected to grow by between 3.0 percent and 3.5 percent on a year-over-year basis.
"The good news is that with the approaching Memorial Day weekend, forecasts of hot weather and the recent easing of gasoline prices are likely to help spur a bit more seasonal demand," Niemira said in a statement.
