January Sales at U.S. Chain Stores Increases 3.7%

  1. Home
  2. News
  3. January Sales at U.S. Chain Stores Increases 3.7%
January Sales at U.S. Chain Stores Increases 3.7%
New York, NY, February 9, 2007--The arrival of cold winter weather and consumers armed with gift cards gave retailers something to cheer about as U.S. chain store sales increased by a strong 3.7 percent for the month, on a year-over-year basis, according to the International Council of Shopping Centers' index.

Overall, chain store sales rose in most sectors in January. Luxury stores led the way as sales grew by an impressive 11.2 percent for the month. Drug stores and department chain stores also posted stellar results as sales increased by 8.8 percent and 6.7 percent, respectively in January. The other sectors that posted increases were apparel chain stores (3.3 percent), discount stores and wholesale clubs which both posted gains of 2.6 percent.

"As expected, consumers redeemed their gift cards in earnest in January giving retailers an added boost for the 2006 fiscal year," said Michael Niemira, ICSC's chief economist and director of research. "In addition to gift cards, the late arrival of winter gave consumers the push they needed to finally purchase seasonal merchandise and help retailers reduce their winter-related inventories. As we look towards the new fiscal year for retailers, we expect comp-store sales to increase by 3 percent for February as retailers continue to clearance out their winter-related items to make room for spring merchandise," Niemira added.