Retail Sales Down from a Year Ago

New York, NY, March 24, 2009--Chain-store sales for the week ended March 21 fell 1.4% from a year ago, hurt by a calendar shift in Easter, according to a survey released Tuesday by the International Council of Shopping Centers and Goldman Sachs.

On a week-over-week basis, sales dropped 0.4%.

"Although there are signs that consumer confidence is improving in recent weeks, consumer spending continues to struggle--though not any worse than earlier in the year," said Michael Niemira, ICSC chief economist.

According to a Gallup Poll taken between March 17 and 19, consumer optimism in the economy is getting better--though still low-it rose to a 20-month high, Niemira said. As consumer confidence returns, sales will follow--but not quite yet, he said. ICSC forecast March sales to be flat to down 1%.