Chain Store Sales Up Over Last Year

New York, NY, Aug. 24, 2010--Chain-store sales for the week of Aug. 21 increased 2.3% from the year-earlier period, according to a survey released Tuesday by the International Council of Shopping Centers and Goldman Sachs.

On a week-over-week basis, sales dipped 0.4%, a fourth straight week of decline and the longest stretch since September 2008.

"Sales growth receded again as lingering hot weather curbed the demand for fall and back-to-school clothing, weak pricing power restrained the nominal reported spending pace and a general economic malaise slowed the consumers' desire to spend," said Michael Niemira, ICSC's chief economist.

"Overall demand is modest."