NEW YORK, 2014-5-14 — /EPR Retail News/ — Spending was relatively flat on a week-over-week basis, but surged year-over-year. Sequentially, retailers experienced a slight dip of 0.1% in sales for the week ending May 10, according to the International Council of Shopping Centers (ICSC) and Goldman Sachs Weekly Chain Store Sales Index. On a year-over-year basis sales rose by its strongest gain since June 1, 2013 as yearly sales rose by 3.9% as warm weather in the South helped to drive seasonal goods demand compared with an abnormally cold bout in the mid-section of the country in the comparable week of 2013.
“Temperatures turned milder in some parts of the country which helped drive seasonal demand—especially in the South and ahead of Mother’s Day,” said Michael Niemira, ICSC vice president of research and chief economist. “However, weather was not favorable in the West, which held back seasonal spending in that region and contributed to the sequential dip in overall spending,” Niemira added.
For May, ICSC research forecasts that monthly comparable-store sales will increase by 3.0% to 3.5%.
Week Ending Index 1977=100 Year/Year Change Weekly Change
10-May-14 568.4 3.9% -0.1%
03-May-14 569.2 2.0% -2.0%
26-April-14 581.1 3.1% 1.6%
19-April-14 572.0 1.9% 0.4%
Editor’s notes: The complete report will be available at 7:45 a.m. at http://www.icsc.org/research/publications. In addition, historical data from this index is available under the Research section on ICSC’s website. To view the data, visit and click on the “Weekly Chain Sales Tracking” link and enter the following member id number (1177584) and password (press2002pass) to obtain access to report and historical data.
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. The weekly index is constructed as a sales-weighted geometric average growth rate to preserve long-term consistency and is statistically benchmarked to a broad-based monthly retail industry sales aggregate that currently represents a sampling of leading retail chain stores, which also is compiled by ICSC. A representative sample of those major retailers has been used as a control group to extrapolate the weekly sales index. As such, the weekly index statistically represents industry sales and is not just a sum of sales for a handful of retailers. The standard period used for the index is Sunday through Saturday, even though some retailers use a different weekly accounting period. The weekly sales index is presented on an adjusted basis to account for normal seasonality and to counter other data anomalies. Weekly seasonal adjustment is at best difficult for chain store sales given that retailers can and often do shift promotions to counter typical shifts in the calendar. Nonetheless, the approach to weekly seasonal adjustment used follows from the Piser Method, which was popular in the early 1930s and became the standard for weekly adjustment.
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Founded in 1957, ICSC is the premier global trade association of the shopping center industry. Its more than 60,000 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.
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