Store sales were very slow last week due mostly to cold temperatures but also concerns of higher payroll taxes and a general post-holiday lack of interest. ICSC-Goldman's same-store sales index fell 1.0 percent from the prior week for a year-on-year rate of only plus 2.0 percent which is sharply down from the index's plus 3.0 percent growth trend. The year-on-year growth rate for Redbook, which will post its weekly results later this morning, has been trending near plus 2.0 percent for the last three weeks.
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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