ICSC Reduces May Sales Forecast

New York, NY, May 25, 2010--The International Council of Shopping Centers cut its May sales forecast to an increase of 2% to 2.5% from an earlier estimate of about 3.5% after consumer spending softened and colder weather dented sales of spring merchandise.

Chain-store sales for the week ended May 22 rose 1.3% from the year-earlier period, the smallest gain in at least nine weeks, according to a survey by the ICSC and Goldman Sachs. On a week-over-week basis, sales edged lower 0.8%, the second straight weekly drop.

"Sales continued to soften over the latest week as mixed regional influences from weather combined with uneven traffic and some softer spending by consumers led to the decline," said Michael Niemira, ICSC's chief economist.