6 March 2007, 16:15  ICSC-UBS Chain Store Sales Down 0.4%

The International Council of Shopping Centers-UBS Retail Chain Store Sales Index declined by 0.4% in the week ended March 3 from its level in the week before on a seasonally adjusted, comparable-store basis, according to data reported Tuesday. This result followed a 0.2% decline in the prior week. "Winter weather continued to slow consumer demand in the final week of the fiscal month of February," said Mike Niemira, chief economist at ICSC who compiles the index. "For the fiscal month of February, we expect that chain store sales will have a soft tone though still fall within our 2.5% to 3.0% range for the industry as a whole." On the year, chain store sales were up 1.5% in the week to March 3 compared with a rise of 2.2% in the prior week.

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