New York, NY, December 14--Chain store retail sales rose 1.2 percent in the week ended December 11, compared with a 1.7 percent decline in the previous week, according to the International Council of Shopping Centers and UBS joint report.
Compared with the same week a year ago, sales growth slowed to 2.4 percent after a 3.3 percent rise the preceding week.
"This past week provided a twinkle of hope that sales are beginning to unfold, especially at discounters and home stores," said Michael Niemira, ICSC's chief economist and director of research.
"Like past seasons, consumers continue to wait to the last minute to complete their holiday shopping and this year is no different. With only 13 percent of consumers having completed their holiday shopping, consumers will need to step up their pace of shopping," Niemira said.
For December, ICSC continues to expect that sales will grow by 3.5 percent to 4.0 percent, on a year-over-year basis, 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.
