U.S. Chain Store Sales Fell 0.9 Percent in October

– International Council of Shopping Centers

U.S. chain store sales for October 2008 fell by 0.9 percent on a year-over-year, same-store basis according to ICSC’s index. “The October retail environment was simply awful with a high degree of uncertainty around the financial markets, consumers put off any discretionary spending resulting in exceedingly weak October sales results,” said Michael P. Niemira, ICSC chief economist and director of research. “Although the final number was only slightly below our forecast range for the month, ICSC Research is now paring its holiday forecast to the low end of our forecast range,” said Niemira. “As such, we anticipate that industry sales will grow by 1 percent for November and December combined with tougher comparisons for November and an easy comparison for December,” he added.

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