Weekly retail sales rise 3.2% over last year

Press Release:

NEW YORK, April 26, 2011 – Retailers enjoyed another positive sales week as a result of consumers “hopping” to finalize their last minute Easter shopping. Overall, and being adjusted for seasonality, weekly retail sales increased by 0.4 percent for the week ending April 23, according to the ICSC-Goldman Sachs Weekly Chain Store Sales Index. On a year-over-year basis, retail sales grew by 3.2 percent.

"Sales advanced ahead of Easter and because of consumers’ demand for spring apparel, candy, food and other holiday items this past week,” said Michael Niemira, ICSC vice president of research and chief economist. “Unfortunately, with rising fuel prices and consumers reporting more and more hardship as a result, the post-Easter lull may be accentuated,” Niemira added.

For April, ICSC Research anticipates that due to the shift in the date of Easter this year compared with last (April 4, 2010 vs. April 24, 2011) monthly retail sales should boom and increase to between 5.0 to 6.0 percent for the month.

The Weekly Chain Store Sales Snapshot is produced by the International Council of Shopping Centers and Goldman Sachs. This index measures U.S nominal same-store or comparable-store sales excluding restaurant and vehicle demand.