Chain store sales dropped 1.7% in the week ended July 28, according to the ICSC-Goldman Sachs Weekly Chain Store Sales Snapshot released Tuesday.

Year-over-year, retail sales remained positive, but, slowed to 1.8%.

"After a good start for the month, consumers took a pause at month end with slower customer traffic and sales across all retail segments," said Michael Niemira, ICSC vice president of research and chief economist.  "Despite the late July softness in sales, the good news is that many states will be offering state sales tax holidays in August, which should rev up consumers' shopping interest again in the coming weeks as they take advantage of those tax breaks," Niemira added.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.