Retail Sales Rise on Year-Over-Year Basis

Washington, DC, June 24, 2008--Retail sales advanced on a year-over-year basis in the week ending June 21, according to both the International Council of Shopping Centers (ICSC), which showed a 2.2 percent increase, and Johnson Redbook retail sales, which recorded a 2.8 percent gain in the week.

"Although there has been some relief at the pump this past week and the fact that most consumers have received their stimulus check, consumers remain conservative in their overall spending patterns," said Michael Niemira, chief economist at the ICSC, who forecasts June sales to post a gain between 2% and 3%.

The survey examines 60 retail chain stores in the U.S. excluding restaurants and vehicle demand.

In a related development, the Redbook report, which measures 9,000 retail units, has shown a 0.7 percent loss so far in June compared to May's figures.