Overall sales for the week ending Aug. 1 declined by 0.2 percent according to the weekly report from the International Council of Shopping Centers-Goldman Sachs. On-the-year sales were down 0.7 percent. The decline was attributed to this year's later back-to-school state tax holidays which put downward pressure on the yearly comparison. However, sales should be lifted for the ongoing week. According to ICSC-Goldman, sales for the month of July will probably be weak due to several factors including sharp price markdowns on clearance items, limited inventories and cooler-than-normal temperatures for the month.
This weekly measure of comparable store sales at major retail chains, published by the International Council of Shopping Centers, is related to the general merchandise portion of retail sales. It accounts for roughly 10 percent of total retail sales.
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