Retail sales slowed sharply in the August 14 week due to, according to ICSC-Goldman, consumer concerns over losses and volatility in the stock market. ICSC-Goldman's same-store sales tally fell 1.5 percent in the week for a below trend year-on-year pace of plus 3.5 percent. One positive the report points to is a drop in gasoline prices which it said may help restore consumer confidence for the balance of the month. Redbook will be posted later this morning at 8:55 a.m. ET.
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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