NEW YORK, July 16, 2013 – Post-Independence Day week sales tumbled for retailers following a holiday spending surge. As a result, sales for the week ending July 13, 2013 declined sharply by 1.1%, based on the International Council of Shopping Centers (ICSC) and Goldman Sachs Weekly Chain Store Sales Index. In addition to the sequential sales decline, retail sales on a year-over-year basis slowed to 1.7%.
“After surging during the long Fourth of July holiday weekend weekly retail sales flip-flopped and declined sharply this past week,” said Michael Niemira, ICSC vice president of research and chief economist. “Weather may have accentuated this swing in sales as it is traditionally a relatively light selling period and is dominated by summer clearance sales,” Niemira added.
For the fiscal month of July, ICSC Research anticipates chain store sales will increase between 3.0% and 3.5%, following the June rise of 4.1%.