Retail Sales Fell Last Week on Higher Gas Prices

New York, NY, May 6, 2008--Another record week of gasoline prices contributed to a week-over-week decline in retail sales across the nation, according to the International Council of Shopping Centers (ICSC) on Tuesday.

Redbook, however, said retail sales showed some advance on a year-over-year basis.

On a week-over-week basis, sales decreased by 0.2 percent, following a 0.7 percent decline in the previous week.

"The consumer faced intensified economic headwinds throughout the month with a contraction in April employment, record high gasoline prices, and even Mother Nature was less than favorable with a seasonably warm start to the month, but a cold finish," said ICSC chief economist Michael P. Niemira.

Compared to a year before, however, sales at retail stores have grown by 2.3%, the strongest annual advance since Feb. 23, 2008.