With more consumers receiving their federal stimulus checks this past week chain-store retailers begun to see an increase in weekly retail sales, according to the International Council of Shopping Centers, Inc.
As a result, for the week ending June 7, weekly chain store sales increased by 1.7 percent from the prior week, ICSC said. On a year-over-year basis, sales rose by 1.8 percent.
“Although the week-over-week pace of sales snapped back, the year-over-year pace remained sluggish with the same drag on demand,” said Michael P. Niemira, ICSC chief economist. “With gasoline prices at the pump rising to about the $4 per gallon threshold we expect consumers to remain conservative in their spending.”
For June, ICSC Research expects same-store sales to increase by between 2 to 3 percent based on the fuller distribution of the federal stimulus money.
The U.S. Retail Chain Store Sales Index is produced by the International Council of Shopping Centers. The index measures nominal same store sales, excluding restaurant and vehicle demand.