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The third week of January continued the trend of low volume and sporadic activity, as retailers focus on clearing inventory and transitioning to spring merchandise. Limited clearance merchandise, along with gas prices which are creeping nearly 50% higher than a year ago continue to hold back sales.
The International Council of Shopping Centers (ICSC) reported that chain store sales for the week ending Jan 23rd fell by 2.5% from the prior week on seasonally low-volume, while sales were up 1.9% from a year ago. In a reverse from last week, department stores reported improved business activity while discount stores were down relative to last year. Though consumers are feeling relatively better about their personal financial situations, ICSC cited a recent Gallup poll showing that 70% are still cutting back on their weekly spending. ICSC Research expects total sales for January to rise about 1% from a year ago as limited clearance inventory holds back sales. Continue reading ‘Weekly Retail Sales Remain Volatile’
