July retail sales post 2.8% gain, but clearance and hotter weather slow sales pace

Press Release: 

NEW YORK (August 5, 2010) – U.S. chain store sales posted a 2.8% year-over-year comparable-store gain for July 2010 according to the International Council of Shopping Centers, Inc. (ICSC). Overall the performance was modest and reflected a fair amount of unevenness across the different segments.

"The faster sell-through of summer clearance merchandise, which was helped by the unseasonably hot July, combined with lower prices hurt reported sales," said Michael P. Niemira, chief economist and director of research for ICSC. "Back-to-school demand, which normally kicks in late in July also was postponed as hot weather curbed the consumer's interest and urge to buy," Niemira added.

For August ICSC expects year-over-year sales to increase by 3%.

ICSC Chain Store Sales Trends is a monthly report on the U.S. retail industry's sales performance based on an ICSC preliminary compilation of publicly-available sales for 31 chain stores during the month of July. Industry sales aggregates are compiled for "comparable-store" or "same-store" sales and for total store sales. Those data are presented as an index with a 1977=100 base. Comparable-store sales are also compiled for specialized-industry groupings, which include aggregates for apparel chain stores, department stores, discount stores, drug stores, footwear stores and wholesale clubs.

For the complete report, please use the following member id number (1177584), password (press2002pass) and link http://www.icsc.org/cgi/rsrchshow?section=cs in addition, historical data from this index is available under the Research section on ICSC's website. To view the data, visit http://www.icsc.org/research/edata.php and click on the "Enter e-Data" link. The material can be found under the "Tables Tab" once you enter the e-Data section.

Founded in 1957, ICSC is the premier global trade association of the shopping center industry. Its more than 55,000 members in over 90 countries include shopping center owners, developers, managers, marketing specialists, investors, retailers and brokers, as well as academics and public officials. As the global industry trade association, ICSC links with more than 25 national and regional shopping center councils throughout the world. For more information, visit www.icsc.org.