Chain-store retailers saw their sales increase by 2.5 percent on a year-over-year basis, but, on a weekly basis experienced a slight sales decline (-0.1%) for the week ending Nov. 24, according to the International Council of Shopping Centers, Inc. and UBS Securities LLC.
“It was a mixed bag of results as the holiday shopping season got underway this past week,” said Michael P. Niemira, ICSC’s chief economist. “Overall, customer traffic was reasonably healthy but consumers were out looking for bargains. For the four-week fiscal month of November, ICSC Research continues to expect industry comparable-store sales to increase by about 2.5 percent.”
The ICSC-UBS Weekly U.S. Retail Chain Store Sales Index measures nominal same-store or comparable-store sales excluding restaurant and vehicle demand. It currently represents approximately 60 retail chain stores. A representative sample of those major retailers has been used as a control group to extrapolate the weekly sales index. The standard period used for the index is Sunday through Saturday, even though some retailers use a different weekly accounting period.