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ICSC: Spring Chills Retail Sales Momentum

The spring chill cooled retailer results for the week ended April 6, according to the International Council of Shopping Centers and the Goldman Sachs Weekly Chain Store Sales Index. In the period, weekly retail sales rose a slight 0.7%, although, in a warmer note, sales versus the 2012 period gained 2.1%.

“Abnormally cold weather throughout the fiscal month of March for much of the country curbed the consumers’ appetite for spring apparel,” said Michael Niemira, ICSC vp/research and chief economist. “Sales for the current week were affected by those colder-than-normal temperatures as well, but the seasonally-adjusted pace of sales improved by 0.7% from the prior week or rose by 2.1% on a year-over-year basis for the week ending April 6, 2013, the end of the fiscal month for many retailers,” Niemira added.

For the month of March, ICSC said its expects sales will increase by between 2% and 3% in total, and between 4% and 5% less drug stores. March should garner a one or two percentage point advantage due to the earlier Easter holiday in 2013 versus 2012, the organization noted.