Chain Store Sales on The Rise

New York, NY, July 22, 2008--Chain-store sales for the week ended July 19 rose 2.5 percent, their biggest gain since Dec. 22, from the year-ago period, according to the International Council of Shopping Centers and UBS Securities.

On a week-over-week basis, sales climbed 0.1 percent.

"A slight two-week pull-back in gasoline prices, some improvement in upper-income consumer confidence, a heat-wave in the Midwest through the Northeast and summer clearance sales all helped notch up the pace of sales for week," said Michael Niemira, ICSC's chief economist.

Sales in July are expected to increase by between 2% and 3%, Niemira said.