Retail chain store sales rose by 0.9 percent for the week ending Dec. 10, according to International Council of Shopping Centers. However, on a year-over-year basis, the week’s sales pace softened a tad to an adjusted 3.2 percent from 3.5 percent during the prior week.
With only two weeks to go till Christmas and the start of Hanukkah, slightly more than 90 percent of consumers have completed some share of their holiday spending, up from 77 percent at the same point last year, according to the weekly holiday survey.
“Although some retailers increased their store promotions this past week, most promotions seemed close to plan,” said Michael P. Niemira, ICSC’s chief economist and director of research. “With only 13 percent of holiday shopping totally completed, the final push will come over the next few weeks. So far, sales for the month and the holiday season remain on track for an increase of 3 percent to 3.5 percent, on a year-over-year basis.”
The ICSC Weekly U.S. Retail Chain Store Sales Index measures nominal same-store or comparable-store sales excluding restaurant and vehicle demand.