Chain Store Sales Up Over Last Year

New York, NY, Jan. 11, 2011 -- Weekly chain-store sales posted a 3.5% increase compared with a year ago, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs. 

However, same-store sales at the chains on a week-over-week comparison fell by 3.2%.

“Although sales fell sharply during this past week, the week-over-week decline probably was exaggerated by the seasonal adjustment given a low volume week,” said Michael Niemira, ICSC vice president of research and chief economist.

“More importantly for January, retailers should see some improvements over the next few weeks as consumers redeem their gift cards throughout the month.”

ICSC Research expects January retail sales to increase about 2.5%, as there is expected to be less gift card redemption this year compared with last year.