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March retail sales up 4.1 percent

A chilly Easter holiday dampened spending in March, which resulted in a less than expected 4.1 percent rise for same-store sales over last year, according to ICSC's tally of 69 retailers.

Drugstores were among the best-performing sectors last month with sales jumping 8.3 percent. Walgreens was up 11.6 percent followed by CVS at 7.5 percent.

Discount stores and wholesale clubs followed, with sales that grew 5 percent and 4.7 percent, respectively. Other sectors with gains were luxury stores (up 4.4 percent), footwear stores (up 3.4 percent) and apparel chain stores (up 0.6 percent). Furniture stores and department stores sales declined by 10.3 percent and 1.0 percent, respectively.

“Spending associated with the Easter holiday boosted sales but the cold weather meant that it was not as much as it could have been,” said Michael Niemira, ICSC's chief economist and director of research.

For April, ICSC predicts that same-store sales will increase by 2 to 2.5 percent, on a year-over-year basis.

Compiled by the staff of Shopping Centers Today. © April 07, 2005 International Council of Shopping Centers.