NEW YORK - Mild temperatures combined with a light sales volume week caused weekly retail chain store sales to drop 2.0% for retailers in the week ended Feb. 11, according to International Council of Shopping Centers (ICSC) and Goldman Sachs Weekly Chain Store Sales Index.
On a year-over-year basis, retail sales continue to remain positive but slowed to 2.8% growth.
"Sales dipped over the past week on relatively light-volume sales and abnormally mild temperatures across the country," said Michael Niemira, ICSC vice president of research and chief economist. "Although temperatures started out mild, the week got much colder by the end of the week which helped to drive what is left of winter clearance," added Niemira.
For February, ICSC Research anticipates comparable-store sales for the retail industry will increase 3.0% to 3.5%.