U.S. chain store sales up 2 percent last week

With the holiday season at its finale, last week showed a continuing increase in sales as consumers rushed out pre-Christmas.

U.S. chain store sales saw a 2 percent increase for the seven days ending December 23 according to ICSC’s index. Year-over-year sales ended up 1.7 percent, slightly lower than expected.

Same-store sales for December and combined November and December look to be at the low end of ICSC’s predictions of 2.5 to 3.5 percent.

As consumers redeem gift cards and shop post-Christmas deals, retailers are hoping for a final push to boost December sales.

"With about one in five consumers saying that they were planning to shop on the day after Christmas, the last week of the fiscal month might exceed modest expectations as consumers redeem those holiday gift cards and shop for the bargains on clearance," said Michael Niemira, ICSC's chief economist.

Compiled by the staff of Shopping Centers Today. © December 27, 2006 International Council of Shopping Centers.