New York, NY, May 10—-Chain store sales were up 0.7% in the week ended May 7 compared with the week before, on a seasonally adjusted, comparable-store basis, according to the International Council of Shopping Centers Retail Chain Store Sales Index.
This gain followed a 0.5% increase in the prior week.
Mike Niemira, chief economist at ICSC said, "The first week of May began on a positive note as we saw retail chain store sales rise as Mother's Day (May 8) provided the consumer with a need to shop and to spend."
"Spending was uneven across the country, however; the Northeast and the Midwest posted the best gains while the weakest demand was in the South and West. For May, we expect sales to rise by 3.0% to 3.5% on a comparable store basis," Niemira said.
The index rose at a 3.5% rate of increase on a year-over-year basis in the week ended May 7 after a 3.0% increase in the prior week.
