Sales at chain stores increased by 1 percent for the week ending Dec. 9, according to the International Council of Shopping Centers, Inc. and UBS Securities LLC. On a year-over-year basis, sales grew by 3.2 percent.
“Over this past week, consumers picked up their holiday shopping pace based on very busy consumer traffic,” said Michael Niemira, ICSC’s chief economist and director of research. “However, since consumers are still behind on their completion of holiday shopping compared with the same time of last year; we anticipate a very hectic finish to the holiday shopping season and once again, the holiday season will come down to the strength of the last-minute buying.”
For December, ICSC expects sales to grow by 2.5 to 3.5 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. The weekly index is constructed using sales-weighted geometric average growth rates to preserve long-term consistency and is statistically benchmarked to a broad-based monthly retail industry sales aggregate that currently represents approximately 75 retail chain stores, which also is compiled by ICSC.