New York, NY, March 1—-Chain store sales increased by 1.5% in the week ended Feb. 26 compared to the week before, according to the International Council of Shopping Centers-UBS Retail Chain Store Sales Index. In the prior week the index was off 0.1%.
"Despite the tough comparison with year-ago sales growth, sales momentum was robust," said Mike Niemira, chief economist at ICSC who compiles the index.
"Customer traffic remained healthy for the four-week fiscal month of February and finished on an impressive strong note. For the month, ICSC expects retail sales will grow by 3.0% on a year-over-year basis," he said.
The index rose at a 3.3% rate of increase on a year-over-year basis in the week ended Feb. 26 after a 1.8% increase in the prior week.
